National income can be calculated by subtracting
A. depreciation from GDP.
B. indirect business taxes from GDP.
C. depreciation and indirect business taxes from GDP.
D. transfer payments and taxes from GDP.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. The marginal cost of producing tea can be measured in dollars per pound of tea. 2. A firm's revenue can be calculated from its demand curve using the formula "price times quantity." 3. Fixed costs have no effect on a firm's profit. 4. Profits will be positive as long as marginal revenue is greater than marginal cost. 5. If marginal cost exceeds marginal revenue, then a reduction in output will create higher profits.
The value of the real estate that a bank uses for its operations will be included in the bank's:
A) cash equivalents. B) reserves. C) short-term borrowing. D) long-term investments.
The marginal cost is the
a. same as the variable cost when output is increasing b. change in total cost as the quantity changes by one unit c. change in average variable cost as the quantity changes by one unit d. change in total fixed cost as the quantity changes by one unit e. same as the fixed cost when average fixed cost is at a minimum
By hedging with futures, buyers and sellers are eliminating basis futures price level risk and assuming level risk.
a. true b. false