The income that people earn is called
a. national income
b. personal income
c. disposable personal income
d. transfer payments
e. net national product
A
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Consider the following simplified sequence of exchanges. A farmer sells wheat to a miller, for 25 cents. The miller grinds the wheat into flour, and sells that to a baker, for 35 cents
The baker turns the flour into a loaf of bread, which she sells to a grocer for 60 cents. The grocer then sells you the loaf of bread for 85 cents. What can we conclude? A) Your purchase of the bread avoided the use of a middleman. B) The grocer's profit means you lost on the deal. C) GDP increases by 25 cents. D) GDP increases by 85 cents. E) GDP increases by $2.05.
Why do firms in oligopoly face a temptation to collude?
What will be an ideal response?
Apple is an American company, but its iPhones are assembled in China. The sale of each iPhone then is counted in US GDP as:
A. consumption. B. investment. C. an import. D. an export.
P = MC is a recipe for financial loss in an innovative firm established by an innovative entrepreneur. Explain