How is net national product (NNP) calculated?
a. Saving is subtracted from the total income of a nation's citizens.
b. Saving is added to the total income of a nation's citizens
c. Depreciation losses are subtracted from the total income of a nation's citizens.
d. Depreciation losses are added to the total income of a nation's citizens.
c
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If the total expenditures of a typical family equaled $35,000 per year in 2010 and the exact same basket of goods and services cost $40,000 in the year 2015, the family's cost of living:
A. increased by 14 percent. B. decreased by 14 percent. C. increased by 12.5 percent. D. decreased by 12.5 percent.
When applying the marginal principle, you should pick the level at which the activity's marginal benefit is less than its marginal cost
Indicate whether the statement is true or false
If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be a(n):
a. decreasing cost industry. b. increasing cost industry. c. constant cost industry. d. industry characterized by economies of scale.
A temporary supply shock, such as an increase in oil prices, would
A. shift the IS curve down and to the left and leave the FE line unchanged. B. shift the IS curve up and to the right, but leave the FE line unchanged. C. shift the IS curve down and to the left and shift the FE line to the left. D. have no effect on the IS curve.