Using the resource cost-income approach, indirect business taxes have to be added to get gross domestic product because the
a. selling price of a product includes these taxes, which are income to the government .
b. selling price of a product includes these taxes, which are resource payments.
c. selling price of a product excludes these taxes and therefore they have to be added.
d. selling price includes these taxes which are actually not income to any sector of the economy.
A
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The effects of a price change are always understated by a partial-equilibrium analysis when compared to a general-equilibrium analysis
Indicate whether the statement is true or false
What is projected to be the greatest source of US electricity production by 2040?
a) Coal
b) Natural Gas
c) Nuclear
d) Solar
e) Wind
When one party to a transaction has information that the other party does not have, they have a situation of:
a. asymmetrical information. b. nondisclosure. c. imperfect negotiation stances. d. collateral warranty.
Answer the question on the basis of the following national income data. All figures are in billions of dollars. Personal Taxes 23 Net Private Domestic Investment 33 Net Exports 6 National Income 278 US Exports 20 Gross Private Domestic Investment 56 Disposable Income 220 Taxes on Production and Imports 32 Undistributed Corporate Profits 15 Proprietor's Income 45 Net Foreign Factors Income 0 Statistical Discrepancy 0 Refer to the above data. Personal consumption expenditures:
a) cannot be calculated. b) are $231. c) are $225. d) are $205.