Wages are used to calculate
A. GDP by the expenditures approach.
B. Net exports.
C. Net subsidies to government enterprises.
D. GDP by the income approach.
D. GDP by the income approach.
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If Jim pays $1000 to John: a. GDP will increase by $1000
b. GDP will increase, but we cannot determine by what amount. c. nominal GDP will increase, but we cannot be sure if real GDP will increase or decrease. d. we need more information in order to determine whether or how much GDP will change.
Which of the following is true of the relationship between price and quantity supplied? a. Whatever the price level, quantity supplied is equal to quantity demanded. b. More is supplied at lower prices. c. As the price rises, consumers are willing to purchase more of the good supplied. d. Except for market-day supply, an increase in price generates an increase in quantity supplied
e. An increase in price leads to a decrease in quantity supplied.