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

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

a. as the income received by households, in the form of wages, rent and profit.

b. as the income received by households in the form of wages.

c. as the payments made by firms for labor.

d. as the profits received by households.

Related Book For answer-question

Numerical Methods for Engineers

ISBN: 9780071244299

5th Edition

Authors: Steven C. Chapra, Raymond P. Canale

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Posted Date: Nov 27, 2018 02:48 AM

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

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c As the payments made by firms for ... View the full answer

Numerical Methods for Engineers

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