In a simple closed economy, the income approach to calculating GDP is:
A. wages + interest + rental income + profits.
B. wages + interest + government income + profits
C. wages + government earned interest + rental income + profits
D. wages + interest + rental income profits.
A. wages + interest + rental income + profits.
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Which of the following is the best example of a person NOT having clear property rights?
A) a city parks worker who inherits his uncle's town house B) a medical student who lives on campus for his first year of studies C) a retired college professor who builds a bungalow on her oceanfront property D) a dairy farmer who pays off the mortgage on his farm
Human capital consists of computers, tools and equipment owned by private individuals
a. True b. False Indicate whether the statement is true or false
In some rural regions of the United States, residents harvest much of their food supplies directly from nature by hunting, fishing, and gathering. With regard to these subsistence activities: a. GDP will overestimate the true value of the nation's production of final goods and services
b. GDP will underestimate the true value of the nation's production of final goods and services only when the income approach is used. c. GDP will correctly estimate the true value of the nation's production of final goods and services. d. GDP will underestimate the true value of the nation's production of final goods and services.
The new $20 bills were designed with features to make counterfeiting more difficult
a. True b. False Indicate whether the statement is true or false