According to the above table, net domestic product is
A. $13,190.
B. $12,365.
C. $14,390.
D. $12,540.
Answer: B
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An industry where the capital-labor ratio is relatively high is characterized as
A. capital intensive. B. labor intensive. C. income intensive. D. market intensive.
Which of the following schools of thought stressed on a fixed-price model for macroeconomic equilibrium?
a. Traditional Keynesians b. New Keynesians c. Monetarists d. Classical economists e. New classical economists
Which of the following statements is correct concerning the burden of a tax imposed on take-out food?
a. Buyers bear the entire burden of the tax. b. Sellers bear the entire burden of the tax. c. Buyers and sellers share the burden of the tax. d. We have to know whether it is the buyers or the sellers that are required to pay the tax to the government in order to make this determination.
In the early 2000s, Ecuador replaced its currency, the sucre, with the U.S. dollar as its official currency. What would prompt a country to abandon its own currency and adopt the currency of the United States?
A. With dollars, monetary policy will be better able to offset shock to the economy. B. In making the transition to dollars, corrupt government officials are able to amass tremendous fortunes. C. Adopting the dollar will result in the elimination of U.S. tariffs on exports from Ecuador to the United States. D. Adopting the dollar will bring inflation under control, which will aid economic growth.