National income is
a. personal income of individuals minus the taxes they pay.
b. gross national product minus depreciation.
c. employee compensation, self-employment income, interest, rents, plus corporate profits.
d. consumption, investment, government expenditures, and net exports.
C
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Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the supply of ketchup. B. a decrease in the demand for ketchup. C. an increase in the demand for ketchup. D. a decrease in the supply of ketchup.
Under a nominal GDP targeting rule, the Federal Reserve
A) changes the interest rate only when real GDP, and hence nominal GDP, is off target. B) cannot use the federal funds rate to conduct monetary policy. C) must publish its expected inflation rate. D) lowers its interest rate when nominal GDP falls below target. E) loses its ability to influence the inflation rate.
To sell one more unit of a good, a monopolist must
A) lower the price on the last unit only. B) lower the price on all units. C) raise the price only on the last unit sold. D) raise the prices on all goods.
A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run
a. True b. False Indicate whether the statement is true or false