Which of the following is not included in National Income?
A) indirect taxes
B) wages and salaries
C) net interest
D) rental income of persons
A
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A landlord rents his rat-infested apartment for $700 per month for a total of twelve months this year. What happens to GDP?
A) It increases by $8,400. B) It increases by the difference between the rent charged and the price of any maintenance and repairs. C) It decreases by $8,400. D) Nothing.
Explicit costs are costs that:
A. require a firm to spend money. B. are zero when no output is produced. C. do not depend on the quantity of output produced. D. depend on the quantity of output produced.
Refer to the accompanying figure. At P = 8 and Q = 4, D1 is ________ elastic than D2, which is shown graphically as D1 being ________ D2.
A. less; flatter than B. more; steeper than C. less; steeper than D. more; flatter than
GDP per capita is
A. Investment as a percentage of GDP. B. The same as GDP per worker. C. Total GDP divided by total population. D. The population divided by total GDP.