Personal income minus personal taxes is:
a. disposable personal income.
b. net national income.
c. proprietors' income.
d. indirect business taxes.
e. savings income.
a
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The table above gives data for the nation of Pearl, a small island in the South Pacific. If a supply shock decreases the quantity of real GDP supplied by $6 billion at each price level, the new equilibrium real GDP is
A) $16 billion. B) $19 billion. C) $22 billion. D) $23 billion. E) $17 billion.
It is estimated that a 10 percent inflation in the United States would bear a shoe-leather cost of approximately ________ percent of GDP
A) 15 B) 6 C) 2 D) 0.25
Markets clear
a. in the short run b. when a depression occurs c. when a recession occurs d. roughly every ninety days e. eventually
A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market
a. chooses its profit-maximizing quantity where marginal revenue equals marginal cost. b. sells its product in a highly-concentrated market. c. faces a downward-sloping demand curve for its product. d. can earn profits in the long run.