Gross National Product is equal to:
(a) C+I+G+X-M.
(b) C+I+X-M (+) or (-) NFY.
(c) C+I+G +NX.
(d) C+I+G+X-M (+) or (-) NFY.
Answer: (d) C+I+G+X-M (+) or (-) NFY.
Economics
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What is one reason activists might lobby the government to force firms to produce more output than they normally would in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.
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Expansionary fiscal policy can cause a rise in real GDP in combination with
a. an increase in the price level. b. a decrease in the price level. c. no change in the price level. d. a decrease in the price level if the aggregate supply curve is upward sloping.
Economics