The appropriate formula for computing Gross Domestic Product using the income approach (excluding depreciation and indirect income taxes) is
A. wages + rent + interest + profits + indirect business taxes.
B. wages + rent + interest + profits.
C. wages + rent + interest + profits + indirect business taxes + depreciation.
D. consumption + investment + government spending + net exports.
Answer: B
Economics
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Refer to the table above. If the market supply of labor per week when the wage rate is $100 is 125 hours, labor supplied by Jim per month at the wage rate is:
A) 12 hours. B) 30 hours. C) 50 hours. D) 75 hours.
Economics
Does economic growth overcome scarcity?
What will be an ideal response?
Economics