Identify the correct statement
a. National income accounting measures only the flow of output between different sectors of an economy.
b. National income accounting summarizes the level of production in an economy over a decade.
c. National income accounting explains diagrammatically the flow of goods and services and of money expenditures (income).
d. National income accounting summarizes and categorizes the productive activity in an economy over a year.
e. National income accounting measures the total money supply in an economy.
d
You might also like to view...
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia consume?
A) 50 B) 70 C) 90 D) 120
In the United States there were legal reserve requirements on time and savings deposits during most of the post-World War II period. Therefore, the money multiplier for the M1 definition was
a. smaller when time and saving deposits increased. b. smaller when time and saving deposits were assumed to be fixed. c. larger when time and saving deposits increased. d. smaller when time and saving deposits decreased.
Barriers to entry enable many monopolists to
A) charge as high a price as they want. B) make people buy more of a good than they really want. C) earn economic profits in the long run. D) manipulate the government into providing special favors for themselves.
If a monopolist had no production costs, it would produce the output where marginal revenue intersects the quantity axis. At this point, the price elasticity of demand would be:
A. 1. B. zero. C. perfectly inelastic. D. perfectly elastic.