Net national product (NNP) is equal to
A) personal income minus taxes.
B) GNP minus consumption of fixed capital.
C) GDP plus consumption of fixed capital.
D) national income plus consumption of fixed capital.
B
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Refer to the figure above. What is the total surplus after Lithasia opens up to free trade?
A) $15 B) $25 C) $27 D) $35
Based on Table 3.1, the pre-trade relative price of a computer in Mexico is
A) three pairs of shoes. B) one pair of shoes. C) one-half pair of shoes. D) one-third pair of shoes. E) None of the above.
In the textbook model of endogenous growth, the production function is modeled as
A) Y = AK. B) Y = C + I + G + NX. C) Y = X. D) Y = S - I.
If the owner of a nonrenewable resource expects his profits to be high in future, he will abstain from resource extraction in the present period
a. True b. False Indicate whether the statement is true or false