Multiple Choice
In the simple circular-flow diagram, with households and firms, GDP can be computed as the
A) income received by households, in the form of wages, rent and profit.
B) income received by households in the form of wages.
C) payments made by firms for labor.
D) profits received by households.
Correct Answer:
Verified
Correct Answer:
Verified
Q205: If a firm produces a good and
Q206: List the four components of GDP.
Q207: For an economy as a whole,<br>A)wages must
Q208: Gross domestic product includes all<br>A)legal final goods
Q209: Expenditures by households on education are included
Q211: The term real GDP refers to a
Q212: Table 23-7<br>A country produces only ice
Q213: Purchases by American tourists in other countries
Q214: A U.S.-owned automobile factory uses $50 million
Q215: In 2012 a country had a real