National income measures:
A. nominal GDP after it has been inflated or deflated for changes in the value of the dollar.
B. the after-tax income of resource suppliers.
C. the total of all sources of private income plus government revenue from taxes on
production and imports.
D. the amount of wage, rent, interest, and profits income actually received by households.
C. the total of all sources of private income plus government revenue from taxes on
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The income paid to labor is called
A) rent. B) profit. C) interest. D) human capital. E) wages.
An economic principle that explains why people pursue different occupations is
A) NAFTA. B) international trade. C) absolute advantage. D) comparative advantage.
Purchases of which of the following goods would be dramatically reduced during a recession?
A) ink pens B) refrigerators C) gasoline D) tomatoes
According to the quantity theory of money, which one of the following economic variables would change in response to an increase in the money supply?
a. prices b. real income c. velocity d. employment