Use the following table to answer the next question.Labor Compensation (Wages and Benefits)$9,560 billionProprietors' Income$615 billionNet Interest$1,024 billionCorporate Profits$2,049 billionRent$409 billionWhat is the value of national income?
A. $13,248 billion
B. $13,042 billion
C. $13,657 billion
D. $12,427 billion
Answer: C
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Which of the following could explain why there is an increase in potential GDP but the equilibrium level of GDP falls?
A) AD did not shift and SRAS shifted to the left. B) AD shifted to the right by less than SRAS. C) SRAS shifted to the right by more than LRAS. D) AD shifted to the right by more than SRAS.
When using the money supply figures to measure the direction of monetary policy during the last several decades, it is better to look at changes in the M2 money supply rather than M1 because
a. the increase in popularity of interest-earning checking accounts in the 1980s distorted the M2 money supply but not the M1 money supply. b. the increase in popularity of interest-earning checking accounts in the 1980s distorted the M1 money supply but not the M2 money supply. c. the decrease in popularity of interest-earning checking accounts in the 1980s distorted the M1 money supply but not the M2 money supply. d. the decrease in popularity of interest-earning checking accounts in the 1980s distorted the M2 money supply but not the M1 money supply.
One impact of a rise in the U.S. dollar's value is that
A. U.S. goods will become cheaper overseas. B. exports will increase sharply. C. U.S. goods are cheaper domestically. D. imports become cheaper for the U.S. consumer.
As percentage of imports, the largest product category of U.S. imports from China is
A) chemicals, minerals, and metals. B) machinery and transportation equipment. C) textiles, apparel, and footwear. D) electronic products.