National income is the income that individuals and firms earn from their production
Indicate whether the statement is true or false
TRUE
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Answer the next question based on the following data. The following national income data are in billions of dollars.1Consumption of fixed capital$4382Taxes on production and imports3263Compensation of employees2,3474Rents145Interest2876Proprietors' income2427Corporate profits2978Personal consumption expenditures2,5829Gross private domestic investment66910Government purchases81511Net exports-7812Net foreign factor income4613Statistical discrepancy50The expenditures approach to GDP calculation can be done by adding ________.
A. 8 through 13 B. 8 through 11 C. 2 through 7 D. 1 through 7
Suppose the Fed had tried to keep the exchange rate at its 2001 level. In that case the Fed would have ________ dollars and its foreign reserves would have ________
A) bought; decreased B) sold; increased C) sold; decreased D) bought; increased E) None of the above is correct because the Fed cannot affect the exchange rate.
The Borda count fails to satisfy which of Kenneth Arrow's properties of a "perfect" voting system?
a. no dictator b. unanimity c. transitivity d. independence of irrelevant alternatives
Monopolistic competitive firms in the long run earn:
a. negative economic profits. b. zero pure economic profits. c. None of these choices are correct. d. positive economic profits.