Which of the following is not correct? a Gross domestic product is both total income in an economy and total expenditures on the economy’s output of goods and services. b In a closed economy net exports are zero. c National saving is the sum of private saving and public saving. d Purchases of capital goods are excluded from GDP.

Which of the following is not correct? a Gross domestic product is both total income in an economy and total expenditures on the economy’s output of goods and services. b In a closed economy net exports are zero. c National saving is the sum of private saving and public saving. d Purchases of capital goods are excluded from GDP.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 7SQP

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a	Gross domestic product is both total income in an economy and total expenditures on the economy’s output of goods and services.
b	In a closed economy net exports are zero.
c	National saving is the sum of private saving and public saving.
d	Purchases of capital goods are excluded from GDP.