The largest dollar amount of GDP is
a) rental payements
b) government expenditures on goods and services
c) profit
d) net exports
e) wages and salaries to employees
Answer: e) wages and salaries to employees
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A market is perfectly competitive even if firms have the ability to set their own price as long as the price difference reflects differences in the product
Indicate whether the statement is true or false
Since the U.S. economy expanded rapidly from 1992 to 2000, it must be true that
a. fiscal contraction overwhelmed monetary expansion. b. monetary expansion overwhelmed fiscal contraction. c. monetary expansion exactly offset fiscal contraction. d. monetary contraction overwhelmed fiscal expansion.
Some goods, such as lighthouses, can switch between being public goods and being private goods depending on the circumstances
a. True b. False Indicate whether the statement is true or false
President George W. Bush used part of the budget surplus inherited from the Clinton administration to:
A. fund tax cuts. B. stimulate the economy that was slowing down following the end of the high-tech investment boom. C. increase government entitlement spending. D. both fund tax cuts and stimulate the economy that was slowing down following the end of the high-tech investment boom.