If GDP is $9,560 billion and depreciation is $50 billion, then national income is
A. $9,610 billion.
B. $9,560 billion.
C. $9,510 billion.
D. $9,500 billion.
Answer: C
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If external costs are included and added to a firm's private costs, then
A) the demand curve will shift to the right. B) the demand curve will shift to the left. C) the supply curve will shift to the right. D) the supply curve will shift to the left.
Demand that is very sensitive to a change in price
a. demand curve b. income effect c. elastic d. inferior good
In a binding situation
A. only changes in the price level change the interest rate. B. only changes in the Z factors change the interest rate. C. changes in neither the price level nor in the Z factors change the interest rate. D. the interest rate is always negative.
A local retailer has decided to carry a well-known brand of shampoo. The marketing department tells them that the quarterly demand by an average man is: Qd = 3 - 0.25P and the quarterly demand by an average woman is: Qd = 4 - 0
5P The market consists of 10,000 men and 10,000 women. How may bottles of shampoo can they expect to sell if they charge $6 per bottle? A) 20,000 B) 33,000 C) 25,000 D) 10,000 E) none of the above