To calculate GDP using the income approach, add:
a. indirect business taxes and Social Security taxes.
b. capital depreciation and Social Security taxes.
c. indirect business taxes and personal taxes.
d. indirect business taxes and depreciation.
e. compensation of employees, rents, profits, net interest, indirect business taxes, and depreciation.
e
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Which of the following is a listing of the types or categories of resources?
A. Land, labor, and capital B. Land, labor, and education C. Land, labor, and efficiency D. Land, labor, and markets E. Land, labor, and inputs
The business cycle consists of four phases. In sequence, they are prosperity,
a. recovery, recession, and downturn b. recovery, downturn, and recession c. upturn, downturn, and recession d. downturn, recovery, and recession e. downturn, recession, and recovery
One of the potential economic problems associated with the extensive use of macropolicy to recover from the Great Recession is
A. the huge government deficits and the flood of money into the banks could set off an inflationary spiral. B. the large amount of government spending for job creation could result in rapid and uncontrollable increases in wages. C. the flood of money into the banks could cause excessive investment expenditures in the economy. D. the tax rebates made available to consumers could cause uncontrollable increases in the price of housing.
A Lorenz curve measures the ________ on the vertical axis.
A. cumulative percentage of families B. cumulative percentage of money income C. cumulative percentage of family wealth D. demand of families on welfare