If We Add Up the Consumer Spending on Goods and Services

question 127

Multiple Choice

If we add up the consumer spending on goods and services, investment spending, government purchases of goods and services, and the value of exports, then subtract the value of imports, we have measured the nation's:

• A) disposable income.
• B) gross domestic product.
• C) trade deficit.
• D) budget deficit.

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Definitions:

Counterexample

A specific instance that proves a definition wrong.

Atheist

An individual who does not believe in the existence of a god or gods.

Referents

The objects or concepts that a word or phrase denotes or stands for.

Circular

In logic and argumentation, pertaining to a reasoning error where the conclusion is assumed in one of the premises; also known as circular reasoning.