Two Equivalent Ways to View a Closed Economy's GDP Are

question 70

Multiple Choice

Two equivalent ways to view a closed economy's GDP are as the:

• A) total payments made to all workers in the economy or the total profits of all firms and businesses in the economy.
• B) total expenditures on all goods produced in the economy or the total income earned from producing all services in the economy.
• C) total profits of all firms and businesses in the economy or the total consumption of goods and services by all households in the economy.
• D) total income of everyone in the economy or the total expenditure on the economy's output of goods and services.

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