National income
a. includes gross private domestic investment
b. is the sum of all payments made to resource owners for the use of their resources in production
c. includes all consumption expenditures
d. is measured by C + I + G + (X – M)
e. does not include proprietors' income
B
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Deadweight loss from monopoly power is expressed on a graph as the area between the
A) competitive price and the average revenue curve bounded by the quantities produced by the competitive and monopoly markets. B) competitive price line and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets. C) competitive price line and the monopoly price line bounded by zero output and the output chosen by the monopolist. D) average revenue curve and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets.
In a Nash equilibrium no player wants to change his or her strategy
Indicate whether the statement is true or false
The economic gains from expanding international trade are measured in hundreds of billions of dollars.
Select whether the statement is true or false. A. True B. False
In recent years, people have benefited from greater amounts of leisure time. This trend
a. has caused GDP to rise. b. has caused GDP to fall. c. made GDP fluctuate randomly d. is not accounted for in GDP.