GNP equals GDP
A) minus net receipts of factor income from the rest of the world.
B) plus receipts of factor income from the rest of the world.
C) minus receipts of factor income from the rest of the world.
D) plus net receipts of factor income from the rest of the world.
E) minus depreciation.
D
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Real output per capita: a. is measured by real GDP per capita
b. is total real output ( real GDP) divided by the number of persons among whom it will be distributed. c. is one measure of the average level of economic well being in a country. d. all of the above are correct.
Paul, a Canadian citizen, purchases oranges grown in Florida. This purchase is an example of
a. a U.S. import and a Canadian export b. a U.S. export and a Canadian import c. an export for both the U.S. and Canada d. an import for both Canada and the U.S.
Which of the following statements is true?
A. The use of 2SLS is applicable to simultaneous equations model with at most two equations. B. Identification of simultaneous equations with three or more equations is based on matrix algebra. C. 2SLS method used in the estimation of simultaneous equations is an example of a system estimation method. D. The maximum number of equations permissible for a simultaneous equations model is four.
The government's running of a deficit or a surplus with the objective of affecting the level of output in the economy is called:
A. sound finance. B. the Ricardian equivalence. C. fiscal policy. D. public finance.