National income differs from net national product because
a. it includes profits of corporations.
b. of a statistical discrepancy.
c. it includes transfer payments.
d. it excludes depreciation.
b
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Amanda can prepare a Thai meal for a group in 2 hours and can type a 10 page paper in the same amount of time. Morgan can prepare the meal in 3 hours. Morgan will be the more efficient typist as long as she can type the a paper in less than
a. 4 hours. b. 3 hours. c. 2 hours. d. 1 hour.
Investment banks specialize in
(a) Managing borrowing and the deposits of its customers (b) Managing commercial papers (c) Facilitating the loan interactions between banks and merchants (d) Handling long-term securities such as stocks, bonds and other securities.
Define the following terms and explain their importance to the study of economics:
a. regressive tax b. proportional tax c. progressive tax d. direct tax e. indirect tax
A decrease in government spending will cause
A. AD to increase (move to the right). B. AS to decrease (move up and to the left). C. AS to increase (move down and to the right). D. AD to decrease (move to the left).