Once the categories of income are totaled, the sum is called
A) GNP and is not equal to GDP.
B) "total income earned" and is equal to GDP.
C) "net domestic product at factor cost" and is equal to GDP.
D) "GDP measured by the income approach."
E) "net domestic product at factor cost" and is not equal to GDP.
E
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Refer to the figure above. When the monopolist is free to set the price, ________
A) it makes a profit of $150 B) it makes a loss of $150 C) it makes a profit of $300 D) it makes a loss of $300
If a government has a budget surplus, then public saving
a. is positive and increases national saving. b. is positive but decreases national saving. c. is negative and decreases national saving. d. is negative but increases national saving.
Some people do not engage in free riding, even when there is no cost or chance or reprisal. Discuss why?
What will be an ideal response?
Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900.In this situation, the Nash equilibrium yields a:
A. the same payoff that each would receive if each played his dominated strategy. B. lower payoff than each would receive if each played his dominant strategy. C. lower payoff than each would receive if each played his dominated strategy. D. higher payoff than each would receive if each played his dominant strategy.