Last year in a nation to the south, net domestic product at factor cost equaled $3,300 billion
Indirect taxes minus subsidies equaled $200 billion, depreciation equaled $800 billion, the statistical discrepancy equaled zero, and net operating surplus equaled $150 billion. The country's GDP was A) $2,300 billion.
B) $3,500 billion.
C) $4,300 billion.
D) $4,450 billion.
E) $4,150 billion.
C
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The return to the entrepreneur for organizing, producing, and risk-taking in the operation of the business is
a. rent. b. equal to total revenue. c. equal to total cost. d. total profit.
If the Congress passes legislation to cut taxes to counter the effects of a severe recession, then this would be an example of a:
a. Nondiscretionary fiscal policy b. Contractionary fiscal policy c. Political business cycle d. Expansionary fiscal policy
The 1990 deficit reduction legislation
A. contained no new taxes. B. increased excise tax rates. C. increased the personal income tax rates by 10%. D. contained no reductions in non-defense spending.
Given the scenario described, if the market price of hammers increased from $6 to $8:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. producer participation in the market would increase. B. producer participation in the market would decrease. C. producer participation in the market would remain unchanged. D. total producer surplus would increase by $2.