The sum of all the income categories listed in the National Income and Product Accounts adds up to
A) gross domestic product.
B) net national product.
C) net domestic product at factor cost.
D) disposable income after taxes.
E) gross national product.
C
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If the liquidity effect is smaller than the other effects, and the adjustment to expected inflation is immediate, then the
A) interest rate will fall. B) interest rate will rise. C) interest rate will fall immediately below the initial level when the money supply grows. D) interest rate will rise immediately above the initial level when the money supply grows.
What is an expansionary gap of real GDP? How is this expansionary gap eliminated in an economy?
Alan Greenspan, former Chairman of the Federal Reserve, discussed the advantages of which kind of tax system, "particularly if one were designing a tax system from scratch"?
a. a progressive tax system b. a regressive tax system c. a consumption tax d. a lump-sum tax
Which of the following audit procedures is the most appropriate when internal control over cash is weak or when a client requests an investigation of cash transactions?
A) Cash confirmation. B) Bank reconciliation. C) Evaluation of ratio of cash to current liabilities. D) Proof of cash.