Define GNI or Gross National Income
What will be an ideal response?
Gross National Income is a new measure of a nation's income computed using a more accurate way of converting purchasing power into dollars.
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As more and more businesses accept credit cards, the
A) demand for money decreases. B) supply of money decreases. C) quantity of money demanded decreases. D) demand for money increases. E) quantity of money demanded increases.
Cost-price pricing typically does not result in profit-maximization. As a result, economists have two views of cost-plus pricing. One of these views is
A) cost-plus pricing is a good way to approximate the profit-maximizing price when marginal revenue or marginal cost is difficult to determine. B) cost-plus pricing is more likely to lead to profit-maximization for monopolistically competitive firms than for oligopoly firms. C) cost-plus pricing is more likely to result in profit-maximization the more elastic the firm's demand curve is. D) cost-plus pricing is more likely to lead to profit-maximization for large firms than for small firms.
Why is it important that consumers respond differently to temporary and permanent increases in their incomes?
A) This implies that consumption will be highly sensitive to temporary changes in income. B) This implies that a temporary tax cut will have a larger effect than a permanent one on current consumption. C) this tells us that the timing of income increases for consumers is irrelevant. D) this has implications for the relative effects of temporary and permanent tax cuts.
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.