Which of the Following Statements Is True

question 119

Multiple Choice

Which of the following statements is true?

• A)GDP is greater than national income,which is greater than NDP.
• B)Government spending is the largest sector of GDP.
• C)A Social Security check sent to a retiree is counted as part of GDP.
• D)The purchase of a new factory is counted in the investment sector of GDP.

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Definitions:

Partnership

A legal arrangement where two or more persons agree to share the profits of a business which they run together.

Malpractice

Failure of a professional to perform their duties to the required standard of care, resulting in harm to their client or patient.

Corporation

A legal entity recognized by law as separate from its owners, with rights to own property, sue or be sued, and conduct business.

General Corporation

A type of business organization that is legally separate from its owners, with the ability to own property, incur liabilities, and conduct business in its own name.