Which of the following is true of the gross domestic product (GDP) of a nation?
a. It can be measured by the stock of consumer goods in a nation at a particular point in time
b. It can be measured by the stock of capital goods in a nation at a particular point in time.
c. It can be measured either by calculating the total spending on production or the total income from that production.
d. It is the sum of total spending on production and total income from that production.
e. It can be measured from the stock of wealth in the nation.
c
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Demand is elastic when the elasticity is ______.
a. less than 1 b. less than 2 c. greater than 1 d. greater than 2
If Matt Taylor gets his $800 loan from the Paris First National Bank in cash rather than in the form of a new checkable deposit, the:
A. Paris First National Bank will get $800 in new reserves. B. Paris First National Bank will not get $800 in new reserves. C. assets of the Paris First National Bank will increase by $800. D. assets of the Paris First National Bank will decease by $88.
Marginal cost is calculated for a particular increase in output by
A) multiplying the total cost by the change in output. B) multiplying the change in total cost by the change in output. C) dividing the total cost by the change in output. D) dividing the change in total cost by the change in output.
The country with the second-highest GDP in the world, behind only the United States, is
A. India. B. Germany. C. Russia. D. China.