The 3 approaches to measuring GDP are called the
A. accounting approach, income approach, and expenditure approach
B. product approach, cost approach, and expenditure approach
C. product approach, income approach, and expenditure approach
D. accounting approach, statistical approach, and income approach
Ans: C. product approach, income approach, and expenditure approach
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If a country's human capital improves, ________
A) the country will have more inequality for a given level of capital stock B) the country will have a lower GDP for a given level of capital stock C) the country will have more poverty for a given level of capital stock D) the country will have a greater GDP for a given level of capital stock Consider two economies: A and B. Both the countries have access to the same aggregate production function and have the same population and same efficiency units of labor, but have different technologies. Technology in economy B is more advanced than the technology in economy A.
A firm using a two-part tariff faces a tradeoff because
A) any increase in consumer surplus must be offset by a decrease in producer surplus. B) the only way to increase the fixed-fee portion of the price is to lower the per-unit portion of the price. C) the only way to increase total revenue is to lower per-unit profit. D) the smaller the variation between the parts of the price, the greater the deadweight loss generated by the pricing scheme.
When full employment is present in the United States:
a. the rate of unemployment will fall to zero. b. the actual rate of unemployment will be less than the natural rate of unemployment. c. approximately 95 percent of the adult population will be employed. d. approximately 95 percent of the labor force will be employed.
Which of the following would cause a firm's cost curves to shift upward?
a. a reduction in resource prices b. a decrease in taxes c. an improvement in technology d. an increase in government regulations