In national income accounting, government purchases include
In national income accounting, government purchases by Local, State and Federal governments.
The largest expenditure component of GDP is
"GDP price index" measures changes in the
"GDP price index" measures changes in the value of final output produced in the nation.
Which tax uses the same rate for all income levels?
Tax that uses the same rate for all income levels is proportional tax.
Production costs to an economist
Production costs to an economist reflect opportunity costs.
Value added can be determined by
Value added is determined by the difference between the price of product or service and the cost of producing it.
Added Value = Price that the product or service is sold at - cost of producing the product.
A negative supply shock in the short run causes
A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.
The law of supply indicates that other things equal
The most common economic system in the world is a
Mixed economy is the most common economic system in the world.
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