Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (2) might represent:
A. the provision of national defense by government.
B. a government subsidy to farmers.
C. corporate income tax payments.
D. welfare payments to low-income families.
C. corporate income tax payments.
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What is the relationship between the short-run Phillips curve and the long-run Phillips curve?
What will be an ideal response?
What impact do you think that the movement of women from working in the household to working in the market has had on GDP? Why? Do you think that this points to a problem with GDP?
What will be an ideal response?
Economists can objectively evaluate the desirability of the distribution of income.
Answer the following statement true (T) or false (F)
If the economy's output and income double in 35 years, we can:
A) not say anything about the average annual rate of growth. B)conclude that its average annual rate of growth is about 2 percent. C) conclude that its average annual rate of growth is about 4 percent. D) conclude that its average annual rate of growth is about 5.5 percent.