The expenditures or output approach to GDP measures it by summing:
a. Compensation of employees, rents, interest, dividends, corporate profits, proprietors' income, and indirect business taxes, and subtracting the consumption of fixed capital
b. Compensation of employees, rents, interest, dividends, undistributed corporate profits, proprietors' income, indirect business taxes paid, consumption of fixed capital, and net foreign factor income earned in the United States
c. The total spending for consumption, investment, net exports, and government purchases
d. The total spending for consumption and government purchases, but subtracting public and private transfer payments
c. The total spending for consumption, investment, net exports, and government purchases
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If prices and income in a two-good society double, what will happen to the budget line?
A) The intercepts of the budget line will increase. B) The intercepts of the budget line will decrease. C) The slope of the budget line may either increase or decrease. D) Insufficient information is given to determine what effect the change will have on the budget line but we know society is worse-off. E) There will be no effect on the budget line.
The higher opportunity cost of obtaining an education in developing countries is one of the reasons that school enrollments are lower
a. True b. False Indicate whether the statement is true or false