The income and expenditure approaches to calculating GDP will produce the same result because for every dollars worth of output that is produced a dollars worth of income will be generated as income for the owners of the factors of production used to produce the output

The cost of inflation will be minimized if:

A) the growth rate of inflation equals the rate of growth of wages. B) taxes are increased during the periods of high inflation. C) money supply is increased during times of high inflation. D) the growth rate of inflation exceeds the rate of growth of wages.

The closer the substitutes for a good, the

A) more elastic is the demand for the good. B) less elastic is the demand for the good. C) smaller the degree of substitutability between the goods. D) larger the proportion of income that is spent on the good.