Suppose that in 2018, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2018 is
A) $185 billion.
B) $215 billion.
C) $220 billion.
D) $245 billion.
Answer: B
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If the price level in Great Britain increases from 102 to 105 (holding all else constant), real wealth ________ and there is a movement ________ along Great Britain's aggregate demand curve
A) decreases; upward B) increases; upward C) decreases; downward D) increases; downward
Output per person on a country level is another way to think about:
A. real GDP per capita. B. nominal GDP. C. productivity. D. GDP growth rates.
According to the book, which air bag adds the most safety to passengers?
A) The second. B) The fourth. C) The third. D) The first.
In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
a. unit elastic. b. inelastic. c. elastic. d. perfectly inelastic.