National income is the sum of:
a. personal income and personal tax payments.
b. proprietors' income, rental income, compensation of employees, corporate profits, and interest receipts, net of indirect business taxes and the capital consumption allowance.
c. wages, transfer payments, interest paid to businesses, and tax revenue.
d. NNP and the capital consumption allowance.
e. consumption, investment, government spending, and net exports.
b
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An economy is said to be saving lives efficiently
a. if the number of lives saved increases each year b. whenever the cost of saving lives is decreasing c. if it is operating on its production possibilities frontier d. if more resources are devoted to saving lives than to any other activity e. if fewer resources are devoted to saving lives than to any other activity
As the dollar appreciates, which of the following is most likely to occur?
a. More Americans will travel abroad. b. American imports will fall. c. More foreigners will visit the United States. d. American firms will reduce their investments abroad.
Refer to the above figure. Line BCD is called
A) the consumption function. B) the 45-degree line. C) the savings function. D) the saving function.
What is the difference between imports and exports?
What will be an ideal response?