Asked by
Ashley Hamblin
on Oct 13, 2024Verified
Which of the following statements is true?
A) GDP is greater than national income,which is greater than NDP.
B) Government spending is the largest sector of GDP.
C) A Social Security check sent to a retiree is counted as part of GDP.
D) The purchase of a new factory is counted in the investment sector of GDP.
Social Security
Social Security is a government program that provides financial assistance to people with inadequate or no income, including retirees, disabled people, and their families.
National Income
National Income is the total value of all goods and services produced by a country's economy over a specific time period, plus income from abroad, minus income remittances to other countries.
GDP
Gross Domestic Product, it measures the total economic output of a country, representing the market value of all goods and services produced over a specific time period.
- Identify the elements and actions incorporated or omitted in the GDP computation process.
Verified Answer
LG
Learning Objectives
- Identify the elements and actions incorporated or omitted in the GDP computation process.