Using the income approach to calculating GDP, in a simple closed economy, the national income equals:
A) wages + interest + rental income + profits.
B) wages + interest + government income + profits
C) wages + government spending + earned interest + investment + profits
D) wages + interest + rental income - profits.
Correct Answer:
Verified
Q57: A closed economy is one in which:
A)
Q58: Consumption, as a component of GDP, measures:
A)
Q59: At the end of the year, 2,500
Q60: What is included when using the expenditure
Q61: Which of the following is an example
Q63: In a country open to trade, imports
Q64: Transfer payments are:
A) spending that transfers resources
Q65: What are U.S. imports?
A) U.S. goods sold
Q66: What are U.S. exports?
A) U.S. goods sold
Q67: Real GDP is calculated:
A) on goods and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents