The measure of income received by persons from all sources is known as
a. personal income.
b. national income.
c. gross domestic product.
d. net national product.
a. personal income.
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The elasticities approach and the absorption approach are theories of the balance of trade that emphasize trade in real goods and have little to say about the capital account
Indicate whether the statement is true or false
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.65, which of the following statements is true?
A) The firm should expect the market price of its product to increase. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to fall. D) The firm should expect the market supply curve to increase.
Assume that the current price of a market basket of goods is $2,500 and the base year price of the same market basket is $1,340. The price index is
A) 53.6. B) 40.0. C) 138.3. D) 186.6.
In the Keynesian model, the 45-degree line consists of the points where
a. planned consumption is equal to planned saving. b. total output is equal to aggregate expenditure. c. total consumption is equal to total expenditure. d. total saving equals total investment.