5The payments to the factors of production are: wages. rent. rent and interest.

Question

5The payments to the factors of production are:

wages.

rent.

rent and interest.

wages, rent, interest, and profits.

6Over time Americans have chosen to cook less at home and dine out more. This change in behavior:

increases GDP.

reduces GDP.

does not affect GDP.

none of the above

7The value of currently produced final goods and services measured in constant prices is called:

real GDP.

nominal GDP.

imputed values.

inflation.

8GDP can increase from one year to the next by:

increases in prices while quantities of goods and services are constant.

increases in the quantities of goods and services produced while prices remain constant.

both prices and quantities of goods and services increase.

all of the above.

wages.

rent.

rent and interest.

wages, rent, interest, and profits.

Explanation / Answer

5. The payments to the factors of production are wages, rent, interest and profits. Wages for services by labour, rent for seervices provided by land, interest for services by capital, and profit for enterpreneurship.

6. Increases the GDP, because of income earned by restaurants and the service they have provided.

7. It is Real GDP. (simple defination)

8. All of the Above.

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