In order to measure gross domestic product, we can follow
A) three approaches: the expenditure approach, the income approach, and the production approach.
B) only one approach: the circular flow approach.
C) two approaches: the expenditure approach and the income approach.
D) only one approach: the national accounts approach.
E) three approaches: the expenditure approach, the income approach, and the market-based approach.
C
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A market is said to be allocatively efficient when the marginal cost of producing each good equals the marginal benefit that consumers derive from that good
a. True b. False
Developing countries
a. do not benefit from foreign aid b. do not benefit from private investment c. generate less than half of their annual flow of foreign exchange from exports d. must acquire foreign exchange in order to pay for imports e. need to decrease labor productivity