The components of GDP are:
a. Consumption, government spending, net exports, and investment.
b. Consumption, exports, imports, and disposable income.
c. Exports, imports, investment, and disposable income.
d. Consumption, inventory, government spending, and disposable income.
Answer: a. Consumption, government spending, net exports, and investment.
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Which adjustment(s) must be made to convert net domestic product to GDP? i. add indirect taxes ii. subtract subsidies iii. add depreciation
A) i and iii only B) i, ii and iii C) ii only D) iii only E) i and ii
In the above figure, which curve indicates that the level of food production does not affect the population growth rate?
A) F B) G C) H D) I
The distribution of wealth is skewed in part because people with high wealth
A) save very little. B) tend to marry people with similar wealth. C) have very little skills. D) do not earn much more than those with low incomes.
Define the tragedy of the commons. Give three examples of common resources. Briefly explain why common property resources are subject to overuse
What will be an ideal response?