In the Simple Circular-Flow Diagram,with Households and Firms,GDP Can Be

question 17

Multiple Choice

In the simple circular-flow diagram,with households and firms,GDP can be computed

• A)​as the total payments for factors of production made by households.
• B)​as the total expenditures by households on goods but not services,since services are intangible.
• C)​as the total expenditures by households on goods and services.
• D)​as the total expenditures by households on goods and services,less taxes paid.

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Definitions:

Provisions

Supplies of food, drink, equipment, and other necessities, especially for a journey, military campaign, or period of scarcity.

American Policy

Refers to the set of laws, regulations, and guidelines adopted by the government of the United States to govern domestic and foreign affairs.

Philippines

A Southeast Asian country in the Western Pacific, comprising more than 7,000 islands, known for its waterfront promenade, colonial architecture, and diverse culture and history.

1898

Marked significant events such as the Spanish-American War, leading to the U.S. acquiring territories like Puerto Rico, Guam, and the Philippines.