GDP minus the net income of foreigners is:
a. personal income
b. national income.
c. GNP.
d. net national income.
c
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To offset the effect of households and firms deciding to hold less of their money in checking account deposits and more in currency, the Federal Reserve could
A) raise the required reserve ratio. B) buy Treasury securities. C) raise the discount rate. D) lower bank taxes.
In the basic closed-economy ISLM model, as the interest sensitivity of money demand increases, fiscal policy has ________ effect on output and monetary policy has ________ effect on output
A) less; less B) more; more C) more; less D) less; more
The historical record for the United States since 1900 shows
A) mostly positive economic growth, with two substantial periods of negative economic growth. B) economic growth for about half the years and economic decline for the other half. C) growth until 1970 and then a period of constant per capita real GDP. D) continuous economic growth, although at different rates, throughout the entire century.
Suppose Ginger is going to buy a house and a dishwasher. Assuming the marginal cost of searching for both is the same, one can predict that Ginger will
A. spend more time searching for the dishwasher than the house. B. trust the information from her real estate agent but not from the dishwasher salesperson. C. spend more time searching for the house than the dishwasher. D. spend equal amounts of time searching for the dishwasher and the house.