The two principle methods of measuring Gross Domestic Product are the
A. expenditures approach and the income approach.
B. domestic approach and the international approach.
C. intermediate approach and the value-added approach.
D. flow approach and the stock approach.
Answer: A
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A U.S. company is attempting to cut costs by shifting some of its services to Thailand. This process of shifting production of products or services overseas to cut costs often results in
A) lower production quantities of those products or services. B) lower consumer prices on those products or services. C) greater potential for market failure for those products and services. D) greater economic uncertainty in the market for those products and services.
Suppose that domestic investment in Japan is 20.2% of GDP, and Japanese national savings is 24% of GDP. What is Japan's foreign investment as a percentage of GDP?
A) 1.19% B) 3.8% C) 27.8% D) 44.2%
Given constant returns to scale between labor and output, if it takes 1 hour to make 10 yards of cloth, then 100 yards of cloth can be made in
A) 10 hours. B) 100 hours. C) 1000 hours. D) Can't tell without knowing how much capital is used.
Changes in the Lorenz curve since 1929 in the United States indicate that
A) the distribution of income today is identical to what it was in 1929. B) the distribution of income is slightly less equal today than in 1929. C) the distribution of income is slightly more equal today than in 1929. D) the distribution of income is much more equal today than it was in 1929.