To calculate GDP using the income approach, add:
a. indirect business taxes and Social Security taxes.
b. capital depreciation and Social Security taxes.
c. indirect business taxes and personal taxes.
d. indirect business taxes and depreciation.
e. compensation of employees, rents, profits, net interest, indirect business taxes, and depreciation.
e
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Suppose you study abroad in England. When you purchase books and food, these transactions should really be recorded as
A) credits to the capital account and debits to the current account. B) debits to the capital account and credits to the current account. C) debits to the capital account and debits to the current account. D) credits to the capital account and credits to the current account.
Generally, the demand for energy in the long run will be
a. approximately equal in elasticity to the demand for energy in the short run. b. considerably less elastic than in the short run. c. considerably more elastic than in the short run. d. perfectly inelastic because we must have energy to survive.