Which of the following best defines national income?
A. Income received by households less personal taxes.
B. The before-tax income received by households.
C. Incomes earned by U.S. resource suppliers plus taxes on production and imports.
D. The market value of the annual output net of consumption of fixed capital.
C. Incomes earned by U.S. resource suppliers plus taxes on production and imports.
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Part B of the Medicare program covers _____ and is _____
a. pharmaceuticals; voluntary b. pharmaceuticals; mandatory c. physician costs; voluntary d. physician costs; mandatory
Which of the following is an effect of an increase in the price level in an economy? a. The real value of dollar-denominated assets will increase
b. The aggregate expenditure line will shift upward. c. The equilibrium real gross domestic product will decrease. d. There will be downward movement along a particular aggregate demand curve. e. The aggregate demand curve will shift rightward.
M1 includes which of the following?
A. Checking account deposits B. Gold certificates C. Money market mutual funds D. Time deposits
A firm is producing 1,000 units of output for which the average variable cost of production equals 50 cents. The firm's total fixed costs equal $700 . The total cost of producing 1,000 units of output equals: a. $700
b. $500. c. $1,000. d. $1,200.