National income is equal to gross domestic product minus:
a. indirect business taxes.
b. depreciation.
c. personal taxes.
d. retained earnings.
e. consumption spending.
b
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Because of the slope of the aggregate demand curve, we can say that
A) a decrease in the price level leads to a lower level of real GDP demanded. B) an increase in the price level leads to a higher level of real GDP demanded. C) a decrease in the price level leads to a higher level of real GDP demanded. D) an increase in the price level leads to no change in the level of real GDP demanded.
If a government started with a budget deficit and moved to a surplus, domestic investment
a. and the real exchange rate would rise. b. and the real exchange rate would fall. c. would rise and the real exchange rate would fall. d. would fall and the real exchange rate would rise.
If supply is unchanged, a rightward shift in the demand curve for gourmet ice cream will result in:
a) An increase in equilibrium quantity and a lower equilibrium price. b) A decrease in equilibrium quantity and a higher equilibrium price. c) A decrease in equilibrium quantity and a lower equilibrium price. d) An increase in equilibrium quantity and a higher equilibrium price.
Suppose the price elasticity of demand for Good A is 2.4 and the price elasticity of demand for Good B is 1.2. Which of the following statements is consistent with these values?
A. Good A is a luxury and Good B is a necessity. B. Good A is a good several days after a price increase while Good B is that same good several years after the price increase. C. Good A is ice cream and Good B is mint chocolate chip ice cream. D. Good A is salt and Good B is college tuition.