The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by:
A. gross domestic product.
B. national income.
C. personal income.
D. disposable income.
B. national income.
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The M1 money supply
A) is calculated by subtracting M2 from GDP. B) does not include checking account deposits. C) is the narrowest measure of the nation's money supply. D) does not include travelers' checks.
GDP is equal to
a. the market value of all final goods and services produced within a country in a given period of time. b. Y. c. C + I + G + NX. d. All of the above are correct.
A decrease in investment causes the price level to ________ in the short run and ________ in the long run
A) increase; increase further B) increase; decrease C) decrease; decrease further D) decrease; increase
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. At the price of ________ cents per apple, the United States imports 6 million apples per day.
A. 20 B. 30 C. 40 D. 60