The Identity That Shows That Total Income and Total Expenditure

question 11

Multiple Choice

The identity that shows that total income and total expenditure are equal is

• A)GDP = Y.
• B)Y = DI + T + NX.
• C)GDP = GNP - NX.
• D)Y = C + I + G + NX.

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Definitions:

Numeric Age

Geologic age of a rock, sediment, fossil, or event calculated in thousands, millions, or billions of years before present; synonym: absolute age.

Actual Age

The precise age or date of an object or event, usually determined through radiometric dating or other scientific methods.

Changed

Altered or modified from an original state or condition.

Time Required

The duration needed to complete a process or reach a specific outcome.