Using the income approach, the largest component in the calculation of GDP is:
A. net interest.
B. rental income.
C. profits.
D. compensation of employees.
Answer: D
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A phase in the business cycle in which real GDP declines, inflation moderates, and unemployment emerges is known as a
a. recession b. depression c. downturn d. peak e. trough
Which of the following is not an example of a country's infrastructure?
a. Educational system b. Political system c. Communications system d. Transportation system
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 ? Q. What are the profits of the monopoly in equilibrium?
A. $600 B. $500 C. $300 D. $400
All of the following are economic functions of the government EXCEPT
A) providing a legal system. B) determining the wage rate for most jobs. C) promoting competition in the market. D) providing public goods.