Answer:
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Formula: GDP (gross domestic product) at market price = value of output in an economy in the particular year – intermediate consumption at factor cost = GDP at market price – depreciation + NFIA (net factor income from abroad) – net indirect taxes.
Explanation:
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Adding a given level of government purchases to consumption and investment increases expenditures by the level of government purchases.
<h3>Why does it happen?</h3>
- Increasing the level of purchases and consumption requires an increase in the number of materials purchased.
- This increase requires a larger budget because spending has increased.
With the increase in government spending, the level of purchases and consumption increases, but public spending also increases, especially at the level of purchases, as the demand for these materials will be greater.
All this increase will add to the population's social contribution to government spending, which can promote higher taxes and lower individual purchasing power.
Learn more about public spending:
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Answer:
b. the practical consequences of an idea.
Explanation:
William James also called 'Father of American psychologist' has been known for his contribution to the pragmatism philosophy. He emphasized that truth is empirical and can be verified by the application of ideas. The validity of the truth of an idea is based on the purpose it serves and its implication on human behavior.