Personal income is defined as
A) national income less retained earnings plus transfer payments and plus interest on government bonds.
B) national income less depreciation.
C) national income less personal taxes.
D) national income plus retained earnings less transfer payments and less interest on government bonds.
A
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If the demand for cigarettes is highly inelastic, this indicates that:
a. higher cigarette prices will increase the demand for cigarettes. b. the price elasticity coefficient of cigarettes exceeds 1. c. the price elasticity coefficient of cigarettes equals 1. d. the quantity of cigarettes purchased by consumers is not very responsive to a change in the price of cigarettes.
If Nepal is a net importer of computers, free trade will hurt the
A. domestic consumers of computers. B. domestic producers of computers. C. rich citizens of Nepal. D. poor citizens of Nepal.
Assume an industry, currently dominated by one firm, experiences a large decline in fixed costs. This will
A) make entry of other firms more likely. B) make entry of other firms less likely. C) serve as higher barrier to entry. D) induce the incumbent firm to exit the industry.
The U.S. economy was able to achieve full employment with relative price level stability between 1996 and 2000 because aggregate:
A. Demand increased B. Supply decreased C. Demand increased and aggregate supply increased D. Demand decreased and aggregate supply increased