If GNP Is $600 Billion, Receipts of Factor Income from the Rest

question 113

Multiple Choice

If GNP is $600 billion, receipts of factor income from the rest of the world are $50 billion, and payments of factor income to the rest of the world are $30 billion, then GDP is

• A) $520 billion.
• B) $580 billion.
• C) $620 billion.
• D) $680 billion.

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Definitions:

Welfare

Governmental provision of economic assistance and social services to individuals and families in need.

Government Regulation

Regulations enforced by the government to control the way businesses and industries can operate, often to protect public health, safety, and welfare.

Fertility Rate

The average number of children born to a woman over her lifetime in a given population.

Replacement Rate

Replacement rate is a demographic term describing the number of births needed per woman to maintain a population's size over time, typically considered to be approximately 2.1 children per woman in developed countries.