National income is calculated by subtracting ____ from GDP
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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Refer to the table below. The perfectly competitive firm has a random demand with a 50 percent chance of being $6 and a 50 percent chance of being $8. What quantity should the firm produce to maximize its expected profit?
The above table summarizes the marginal cost of production at various quantity levels for a perfectly competitive firm.
A) 110
B) 140
C) 130
D) 120
The idea that poor people consume a higher percentage of their income than the rich is a logical conclusion drawn from
a. Keynes's absolute income hypothesis b. Duesenberry's relative income hypothesis c. Friedman's permanent income hypothesis d. the life-cycle hypothesis of consumption e. the consumption function
Some states do not have a state income tax
a. True b. False Indicate whether the statement is true or false
The Federal Reserve System is a(n)
A. corporation owned by its member banks. B. independent branch of the U.S. government. C. corporation owned by the government and member banks. D. agency created by presidential executive order.