The sum of all factor payments in the economy yields
a. gross domestic product.
b. national income.
c. disposable income.
d. net domestic product.
b
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Production
A. is a process by which resources are produced. B. only applies to manufacturing of goods. C. is carried on by corporations, but not by sole proprietorships. D. is a process by which resources are transferred into goods and services.
Exports have the same effect on the current size of GDP as:
A. imports. B. investment. C. taxes. D. saving.
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. If the market price is $17, then in the long run the firm will
A. operate and expand. B. operate but not expand. C. shut down, but not go out of business. D. go out of business.
Does the saving and investment equation imply that a country's national saving must always equal its domestic investment? Explain
What will be an ideal response?