When we add up the total payments made to households that furnish the resources used to produce the goods and services in the economy, we are using
a. the income approach
b. the expenditure approach
c. the output approach
d. the aggregate demand approach
e. GDP product
A
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Which of the following assigns widely-followed bond ratings?
A) Standard & Poor's Corporation B) Securities and Exchange Commission C) Federal Reserve D) IBM
Economist C says all of the following: Expansionary fiscal policy is needed to raise aggregate demand and remove the economy from a recessionary gap. The choice of fiscal policy measures is between ________________ government spending and a _______________ in taxes. Since I am in favor of bigger government, I choose a(n) _________________ in _________________
A) less; decrease; increase; government spending B) more; decrease; increase; government spending C) less; rise; decrease; government spending D) less; reduction; increase; taxes E) b or d