Exhibit 5-7 GDP data (billions of dollars)
Personal consumption expenditures$5,207
Interest425
Corporate profits735
Government spending1,406
Depreciation830
Rental income146
Gross private domestic investment1,116
Compensation of employees4,426
Exports870
Imports965
Indirect business taxes553
Proprietors' income520
Personal taxes886
Social Security taxes432
Transfer payments376
In Exhibit 5-7, personal income (PI) is:
A. $6,254 billion.
B. $6,495 billion.
C. $6,013 billion.
D. $7,082 billion.
Answer: C
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In the absence of property rights, factories will dump waste into a waterway up to the point where ________ equals ________
A) marginal social cost; marginal social benefit B) marginal social cost; marginal private cost C) marginal private cost; marginal private benefit D) marginal private cost; marginal social cost
If the CPI for year 1 was 106.1, while that for year 2 was 112.4, then the inflation rate for year 2 was:
(a) 5.9%; (b) 6.3%; (c) 5.6%; (d) 12.4%.
Refer to the accompanying figure. An increase in supply is represented by a shift from:
A. curve B to curve A. B. curve C to curve D. C. curve C to curve B. D. curve A to curve B.
Interest payments on the national debt are projected to be about ____% by 2046.
Fill in the blank(s) with the appropriate word(s).