What are the two ways of looking at GDP?
A. Output approach and consumption approach
B. Income approach and saving approach
C. Expenditures approach and income approach
D. Output approach and expenditures approach
Answer: C
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A firm raises the price it charges. The firm's total revenue decreases. What can we conclude about the price elasticity of demand?
A) Demand is elastic. B) Demand is unit elastic. C) Demand is inelastic. D) Demand is perfectly inelastic. E) Not enough information is given to conclude anything about price elasticity of demand.
In which of the following cases did the U.S. Supreme Court decide that a corporation was an "individual" but not a constitutional citizen?
(a) Nebbia v New York (1934) (b) Munn v Illinois (1877) (c) McCulloch v Maryland (1819) (d) Dartmouth College v Woodward (1819)
Cartels are unstable due to all of the following factors except which one?
A) incentive to act in self-interest B) incentive for each firm to serve as the whistle -blower C) entry of new firms into the market D) trade groups
Because of the automatic stabilizers, a decline in the level of economic activity will cause:
A. a reduction in tax revenues collected. B. a reduction in government expenditures. C. a greater budget surplus. D. Congress to vote for a tax cut.