Back to Questions
Want to know:
Economists adjust for inflation using the GDP deflator
Get a detailed, AI-powered explanation for this question and thousands more on StudyFetch.
Get the Answer for FreeHow StudyFetch Helps You Master This Topic
AI-Powered Answers
Get instant, detailed explanations powered by AI that understands your course material.
Deep Understanding
Go beyond surface-level answers with step-by-step breakdowns and examples.
Personalized Learning
Spark.E adapts to your learning style and helps you connect ideas.
Practice & Test
Turn any question into flashcards, quizzes, and practice tests to solidify your knowledge.
Explore More Questions
- All final goods and service that make up GDP can be expressed in the form
- Division of IncomeBillionsof dollarsWages$10,870Interest787Rent760Profit3,357Profit of sole proprietors1,579Profit of corporations1,778Taxes, depreciation and statistical discrepancy4,783The image is a pie chart that shows the division of Gross domestic Product (GDP), measured in terms of income, into its different components: wages, interest, rent, profits of sole proprietors and corporations, and taxes. Wages account for about 54 percent, and taxes account for 23 percent of GDP. Profits of corporations account for 9 percent, and profits of sole proprietors account for 8 percent of GDP. Interest accounts for 4 percent, and rent accounts for 4 percent of GDP.Wages 53%Interest 4%Rent 4%Profits of sole proprietors 8%Profits of corporations 9%Taxes etc 23%The table and figure show GDP measured in terms of the total income received by households. Use the table and figure to help determine which of the following statements about the division of income is false.A.The largest component of income received by households is wages.B.Wages are slightly more than three times as large as the profits received by sole proprietors and the profits received by corporations combined.C.Profits include the profits of sole proprietorships and profits of corporations.D.Gross domestic income is measured precisely.
- In Chapter 9 of Economics in One Lesson, Hazlitt writes that the justification for public jobs like police officers, firefighters, judges, and legislators "does not consist in the 'purchasing power' they possess by virtue of being on the public payroll," but instead "consists in the ________ of their services."