National income is equal to
A) personal income minus personal taxes.
B) GDP minus depreciation.
C) disposable personal income plus depreciation plus personal taxes.
D) GNP plus depreciation.
Answer: B
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The clothing industry has many firms with differentiated products and no barriers to entry. The cereal industry has a few firms with either identical or differentiated products and moderate barriers to entry
The food industry is characterized as ________ and the cereal industry is characterized as ________. A) perfect competition; monopolistic competition B) monopolistic competition; oligopoly C) oligopoly; monopolistic competition D) perfect competition; perfect competition E) monopolistic competition; monopoly
Quotas, such as limiting the amount of residential water use during a drought, restricts an individual's preference set and
A) reduces utility because an individual cannot consume as much as they would without the quota. B) increases utility because quotas restrict output and raise profits for the water company. C) reduces utility because an individual is forced to substitute to other goods. D) does not affect overall utility.
If monetary and fiscal policy are going to promote economic stability, they must _________ during a recession, and _________ during an economic boom. (Fill in the blank)
a. add stimulus; apply restraint b. apply restraint; add stimulus c. add stimulus; add stimulus d. apply restraint; apply restraint
Which antitrust law is sometimes called the "Chain Store Act"?
A. Sherman Act B. Federal Trade Act C. Clayton Act D. Robinson-Patman Act