National income (NI) is calculated by adjusting GDP for:
a. depreciation
b. investment and net exports.
c. Social Security insurance contributions and transfer payments.
d. corporate and personal income taxes.
a
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For many developing countries, natural resources or agricultural commodities make up ________ share of exports
A) close to no B) an unimportant C) an important D) close a to 5 percent E) close to a 10 percent
The power of the test is
A) dependent on whether you calculate a t or a t2 statistic. B) one minus the probability of committing a type I error. C) a subjective view taken by the econometrician dependent on the situation. D) one minus the probability of committing a type II error.
If a government tax has as its purpose the raising of revenue, it would be best to place the tax on a product which:
a. is a non-essential. b. has a highly elastic demand. c. has many good substitutes. d. has a highly inelastic demand. e. has a unit elastic demand curve.
Unemployment would cause an economy to
a. produce inside its production possibilities frontier. b. produce on its production possibilities frontier. c. produce outside its production possibilities frontier. d. experience an inward shift of its production possibilities frontier.