Which of the Following Is Not Correct

question 94

Multiple Choice

Which of the following is not correct?

• A)Gross domestic product is both total income in an economy and total expenditures on the economy's output of goods and services.
• B)In a closed economy net exports are zero.
• C)National saving is the sum of private saving and public saving.
• D)Purchases of capital goods are excluded from GDP.

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Definitions:

Case Law

Law established by previous court decisions and based on precedent rather than statutes.

U.S. Constitution

The foundational document of the United States, establishing the framework of the federal government and outlining citizens' rights.

Controlling Precedents

Judicial decisions of higher courts that lower courts must follow when similar issues are presented in litigation.

Binding Authorities

Legal precedents or decisions by higher courts that lower courts are obliged to follow in similar cases.