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True or False
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1
The goods and services flow and the factors of production flow are both money flows.
A)True
B)False
2
Individuals in the household sector earn income by receiving payment for the goods and services that they sell.
A)True
B)False
3
The amount of income in an economy is always equal to the amount of money in the economy.
A)True
B)False
4
Savings equal consumption minus income.
A)True
B)False
5
Transfer payments are a flow from the business sector to the government sector.
A)True
B)False
6
At equilibrium, aggregate expenditures and income are equal.
A)True
B)False
7
The two conceptual approaches used to measure GDP are the expenditures approach and the incomes approach.
A)True
B)False
8
One definition of equilibrium income is the income at which total injections equal total leakages.
A)True
B)False
9
Real GDP is the value of nominal GDP measured in base-year prices.
A)True
B)False
10
GDP figures tend to be overstated because they include non-market activities.
A)True
B)False





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