One way to estimate GDP is to:
A. measure the total expenditure of an economy.
B. add up all the money people spend buying final and intermediate goods and services.
C. add together the market value of only final services sold in the economy.
D. add together the market value of only final goods sold in the economy and not services.
A. measure the total expenditure of an economy.
You might also like to view...
Explain the difference between the Fed following discretionary policy and the Fed following a rules strategy
What will be an ideal response?
The money supply in the United States is backed by
A) faith. B) gold. C) silver. D) platinum.
If city officials expect that an increase in bus fares will raise mass transit revenues, they must think that the demand for bus travel is
a. elastic b. unit elastic c. inelastic d. perfectly inelastic e. -10
Which of the following is true of net taxes? a. The level of net taxes varies directly with the level of transfer payments. b. The level of net taxes varies inversely with the level of transfer payments. c. Net taxes must always be less than zero
d. Net taxes increase when income tax rates are reduced. e. Net taxes increase when income decreases.