National income:

a. represents total wages and salaries in an economy.
b. equals GDP minus indirect business taxes.
c. equals GDP minus depreciation.
d. equals C + I + G + (X ? M).
e. is the value of existing capital stock used up in making goods.


c

Economics

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When people suddenly want to buy something, supply increases.

Answer the following statement true (T) or false (F)

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If the price of a movie ticket increases by 4 percent and the quantity of movies demanded falls by 2 percent, the price elasticity of demand is

A) 2.0. B) 4.0. C) 0.5. D) some amount that cannot be determined without more information.

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Patents create monopolies by restricting

A) demand. B) prices. C) entry. D) profit.

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If a bank has excess reserves of $4,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15 percent, then the bank has actual reserves of

A) $17,000. B) $19,000. C) $24,000. D) $29,000.

Economics