Real GDP refers to:
a) the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income.
b) GDP data that embody changes in the price level, but not changes in physical output.
c) GDP data that reflect changes in both physical output and the price level.
d) GDP data that have been adjusted for changes in the price level.
d) GDP data that have been adjusted for changes in the price level.
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X is exports, M is imports, T is net taxes, G is government expenditure, C is consumption expenditure, S is saving, and I is investment. Which of the following equations represents the private sector balance?
A) X - M B) T - G C) S - I D) C + S + T
When a tax is imposed on an item, it can generally be said that the incidence of the tax is
a. entirely on the buyer. b. entirely on the seller. c. on both the buyer and seller. d. not determined in this manner.