Net national product is equal to
a. GNP minus taxes.
b. GNP plus transfer payments.
c. GNP plus corporate profits.
d. GNP minus capital consumption allowance.
d. GNP minus capital consumption allowance.
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If the level of consumption is $100 billion and disposable income is $125 billion, then the
A) APC = 0.6 and saving is positive. B) APC = 0.8 and saving is negative. C) APC = 0.8 and saving is positive. D) APC = 0.6 and saving is negative.
A leading indicator:
a. changes in either direction before a recession starts. b. usually declines before a recession starts. c. generally changes after real GDP changes. d. remains unaffected by changes in real GDP. e. does not change with business cycles.
When the Fed buys T-bills from banks:
A. the demand for bank reserves rises. B. the supply of T-bills rises. C. the supply of bank reserves rises. D. the supply of bank reserves falls.
Which of the following is true under natural monopoly?
A. The marginal cost curve will be equal to the average cost curve. B. The monopolist will set price equal to marginal cost and will earn economic profits. C. Economies of scale exist. D. Output is produced under conditions of constant cost.