The income components of GDP include all of the following except
A) wage income.
B) foreign income.
C) net interest income.
D) after-tax profits.
B
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Which of the following statements is true?
A) Knowledge of economics complicates decision making. B) Economics is more of a theoretical subject with limited applications in the real world. C) Testing with data is essential to develop a good theory. D) Cost-benefit analysis can be applied only to limited economic decisions.
The strength of the movement in the short-run aggregate supply schedule, in response to an aggregate demand shock is determined by ________
A) the price elasticity of demand B) the credibility of the monetary authorities C) the underlying state of the economy D) the choice of nominal anchors
According to the law of demand, the quantity demanded of a good is related to
A) the average price of all goods. B) income. C) any factor that affects the decision of an individual consumer but not the market. D) the relative price of that good.
Refer to the above table. At a price of $450, there is an
A) equilibrium. B) excess quantity supplied of 4,000 tablets. C) excess quantity demanded of 6,000 tablets. D) excess quantity demanded of 9,000 tablets.