In the simple circular-flow diagram,with households and firms,GDP can be computed
A) as the total payments for factors of production made by households.
B) as the total expenditures by households on goods but not services,since services are intangible.
C) as the total expenditures by households on goods and services.
D) as the total expenditures by households on goods and services,less taxes paid.
Correct Answer:
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Q17: Income generated by a nation's domestic production
A)is
Q18: For an economy as a whole,income must
Q19: Which of the following statements about GDP
Q23: According to the circular-flow diagram,GDP
A)can be computed
Q24: For an actual economy,total expenditures on goods
Q25: According to the circular-flow diagram GDP
A)can be
Q26: Total income from the domestic production of
Q27: According to the circular-flow diagram GDP
A)can be
Q142: Because every transaction has a buyer and
Q152: In the actual economy, goods and services
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