Net Domestic Product is derived by subtracting indirect business taxes from Gross Domestic Product
Indicate whether the statement is true or false
F
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Grown children fawning over an elderly parent in order to try to secure a larger inheritance is an example of
A) rent seeking. B) logrolling. C) rational ignorance. D) public choice.
If the marginal cost curve is below the average variable cost curve, then
A. marginal cost must be decreasing. B. average variable costs are decreasing. C. average variable costs are increasing. D. average variable costs could either be increasing or decreasing.
If we add up all the money people spend buying final goods and services—being careful to omit spending on intermediate goods so as not to double-count—the sum will be:
A. the market value of all output sold in the economy. B. the gross domestic product of the economy. C. total expenditure in the economy. D. All of these statements are true.
The federal government receives most of its revenue from three sources: personal income tax, corporate income tax, and payroll tax
a. True b. False Indicate whether the statement is true or false