Which of the following is not correct?
a. GNP equals net national product plus losses from depreciation.
b. For most countries, including the United States, GDP and GNP are nearly the same.
c. GDP and GNP typically move in opposite directions.
d. Personal income equals disposable personal income plus personal taxes plus certain nontax payments.
c
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In the figure above, for the 3,000th unit, the maximum price a consumer is willing to pay is
A) $5. B) $10. C) $15. D) $0. E) $25.
Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score?
What would happen to your average if it was below your previous exam score? Explain.
How does a natural monopoly differ from a firm that becomes a monopoly due to network effects?
What will be an ideal response?
Suppose there are 100 identical firms in the rag industry, and each firm is willing to supply 10 rags at any price. The market supply curve will be a
A) vertical line where Q = 10. B) vertical line where Q = 100. C) vertical line where Q = 1000. D) horizontal line where Q = 1000.