The difference between Gross Domestic Income (GDI) and Gross Domestic Product (GDP) is that
A. GDP is always smaller than GDI.
B. GDP is GDI less indirect business taxes and depreciation.
C. GDI is GDP less indirect business taxes and depreciation.
D. GDI is equal to GDP.
Answer: D
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In Figure 30.1, the labor supply could shift from S1 to S2 due to all of the following except
A. A decrease in the attraction of leisure activities. B. An increase in the number of workers willing to work in this labor market. C. Fewer workers preferring to work in this labor market. D. A decrease in the payroll tax on workers.
______ representation emphasizes how representatives act for the people and promote their interests.
A. Descriptive representation B. Formalistic representation C. Symbolic representation D. Substantive representation
Under a policy of average-cost pricing, a monopolist must charge the price at which its ________ cost curve intersects its ________ curve.
A. marginal; demand B. average variable; demand C. marginal; marginal revenue D. average; demand
A budget constraint:
A. shows different bundles of goods that all cost the same amount. B. shows different bundles of goods that all yield the same total utility. C. shows how much income is needed to maximize total utility. D. shows different bundles of goods that all maximize an individual's utility.