Multiple Choice
The circular flow of economic activity is a model of the:
A) flow of goods, resources, payments, and expenditures between the sectors of the economy.
B) influence of government on business behavior.
C) influence of business on consumers.
D) role of unions and government in the economy.
Correct Answer:
Verified
Correct Answer:
Verified
Q22: GDP overstates the productive capacity of a
Q23: Why is it important to use real
Q24: Using the expenditure approach, GDP equals:<br>A) C
Q25: Exhibit 5-8 GDP data (billions of dollars)<br><img
Q26: Which of the following would be classified
Q28: National income:<br>A) represents total wages and salaries
Q29: Dividends, retained earnings, and corporate income taxes
Q30: Which of the following statements is true
Q31: Exhibit 5-4 Gross domestic product data<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TBX8793/.jpg"
Q32: Discuss how economists calculate NI, PI and