Gross Domestic Product equals $1.2 trillion. If consumption equals $690 billion, investment equals $200 billion, and government spending equals $260 billion, then:

The sum of consumer surplus and producer surplus is called economic surplus

Indicate whether the statement is true or false

Which of the following would economic freedom lead to?

a. A higher standard of living b. Better living conditions c. Longer life expectancy d. Better education e. All of these