The sum of payments made to resource owners for the use of their resources is:
a. gross domestic product.
b. net domestic product.
c. national income.
d. personal income.
e. disposable personal income.
c
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In the long-run equilibrium, a monopolistically competitive firm earning normal profit produces the allocatively efficient output level
Indicate whether the statement is true or false
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
U.S. government laws limit the importation of sugar into the United States. As a result, the U.S. price of sugar is about three times as high as the world price of sugar. U.S. sugar producers strongly support these rules. How would most economists explain this policy?
A. It is an example of a form of sin tax intended to help people with a self-control problem involving sweets. B. The policy is a way of solving an income distribution problem; it redistributes from the rich to the poor. C. It illustrates the public choice view that small gains concentrated to a few producers can be more important politically than large losses spread over many consumers. D. It is an example of the government using cost/benefit analysis to correct a market failure.
Overall, the U.S. tax system (combined federal, state, and local) is:
A. highly progressive. B. slightly progressive. C. slightly regressive. D. highly regressive.