In order to measure gross domestic product, we can follow
A) three approaches: the expenditure approach, the income approach, and the production approach.
B) only one approach: the circular flow approach.
C) two approaches: the expenditure approach and the income approach.
D) only one approach: the national accounts approach.
E) three approaches: the expenditure approach, the income approach, and the market-based approach.
C
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A supply curve reveals:
A) the quantity of output consumers are willing to purchase at each possible market price. B) the difference between quantity demanded and quantity supplied at each price. C) the maximum level of output an industry can produce, regardless of price. D) the quantity of output that producers are willing to produce and sell at each possible market price.
Owners of buildings can expect to collect ____ economic rent in the long run
a. much b. marginal c. a competitive d. little or no