In a closed economy, what does (T - G) represent?

Which of the following statements is true?

a. Land is a natural-state resource. b. The quantity of land in planet earth can be varied. c. Harvested trees are considered to be land. d. Minerals and metals are not land resources. e. The oceans are not considered to be land.

Equilibrium GDP on the demand side occurs when total spending

a. equals total production, and inventories are zero. b. equals total production, and firms are unable to adjust inventories. c. exceeds total production, and inventories are rising. d. equals total production, and inventories remain at desired levels. e. is less than total production, and inventories are falling.