Which of the following statements about GDP is correct?
A) GDP measures two things at once: the total income of everyone in the economy and the total expenditure on the economy's output of goods and services.
B) Money continuously flows from households to firms and then back to households,and GDP measures this flow of money.
C) GDP is generally regarded as the best single measure of a society's economic well-being.
D) All of the above are correct.
Correct Answer:
Verified
Q1: In a simple circular-flow diagram,firms use the
Q3: If an economy's GDP rises,then it must
Q4: In a simple circular-flow diagram,firms
A)purchase resources from
Q6: For an economy as a whole,
A)the market
Q7: For the economy as a whole,
A)income must
Q8: In a simple circular-flow diagram,households buy goods
Q10: In a simple circular-flow diagram,
A)households spend all
Q11: If an economy's GDP falls,then it must
Q150: In the GDP accounts production equals
A)income.
B)income +
Q153: For an economy as a whole,
A)wages must
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