The sum of compensation to employees, rental income, corporate profits, net interest, and proprietors' income is
A) gross domestic product.
B) gross domestic income.
C) net domestic income at factor cost.
D) net domestic product.
C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The figure above shows a labor market. If there is a monopsony in this labor market, the wage rate is
A) $4 per hour. B) $6 per hour. C) $8 per hour. D) $10 per hour.
The main measure of inflation is the ________________ computed and reported each month by the Bureau of Labor Statistics
a. Consumer Price Index b. Product Producer Index c. Consumer Confidence Survey d. New Homes Sales Matrix
Which of the following factors weakens the case for government provision of goods and services relative to private-sector provision?
a. monopoly b. externalities c. public goods d. the special-interest effect