_____ = Private Consumption + Gross Investment + Government Spending

question 22

Multiple Choice

_____ = private consumption + gross investment + government spending + net exports.

• A) Gross domestic income
• B) Gross national income
• C) Gross national product
• D) Gross domestic product

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Definitions:

Merchandise on Account

Items purchased on credit, where payment is made at a later date, often recorded as accounts payable.

Collection on Account

This term refers to the payment received by a business from its customers against the outstanding invoices or credits.

Journal Entry

A record in the accounting ledger that represents a single transaction and its effects on various accounts, detailing debits and credits.

Subsidiary Ledger

A subsidiary ledger is a detailed ledger that contains account information related to a specific master ledger account.