In order to calculate GDP from the value of net domestic product at factor cost, we have to add
What will be an ideal response?
indirect taxes, subtract subsidies, and add capital depreciation.
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Which of the following is an example of capital?
a. Education b. Natural resources c. Machinery d. Training e. Money
The financial system is made up of the:
A. institutions that bring together savers, borrowers, investors, and insurers in a set of interconnected markets where people trade financial products. B. government's offices that keep watch over all transactions conducted between savers and lenders. C. government's offices that regulate over all transactions conducted between borrowers and savers. D. government and monetary authority.
Which of the following statements is true about the circular flow?
a) Output is greater than income b) Income is more than expenditure c) Output is less than expenditure d) Output equals income equals expenditure
Equilibrium is unique; it is the only price-output combination that is mutually compatible with aggregate supply and demand.
Answer the following statement true (T) or false (F)