True or false

TRUE / FALSE QUESTIONS 1. Wages, interest, rent, and profits are the four factors of production. 2. Macroeconomics focuses on the outcomes of decisions by people and firms, whereas microeconomics is a study of how the major components of an economy interact. 3. The goods and services flow and the factors of production flow are money flows. 4. The amount of income in an economy is always equal to the amount of money in the economy. 5. Transfer payments are a flow from the business sector to the government sector. 6. The two conceptual approaches used to measure GDP are the expenditures approach and the incomes approach. 7. One definition of equilibrium income is the income at which total injections equals total leakages. 8. Individuals control the sale of labour. 9. Intermediate goods are included in the calculation of GDP 0. Real GDP is the value of nominal GDP measured in base year prices