If GNP Is $500 Billion, Receipts of Factor Income from the Rest

question 28

Multiple Choice

If GNP is $500 billion, receipts of factor income from the rest of the world are $15 billion, and payments of factor income to the rest of the world are $5 billion, then GDP is

• A) $480 billion.
• B) $490 billion.
• C) $510 billion.
• D) $520 billion.

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Definitions:

Property Owned

Refers to legal possession and control over property, which can include real estate, personal items, and intellectual property.

Property Taxes

Property Taxes are levies imposed by the government on real estate properties, based on their assessed value, to fund public services and infrastructure.

Itemized Deductions

Specific expenses allowed by the IRS that taxpayers can subtract from their adjusted gross income to reduce taxable income.

Escrow Account

A financial account held by a third party on behalf of the two main parties in a transaction, often used to safely hold funds until the completion of contractual obligations.