Gross domestic income can be defined as
A. the sum of all incomes earned by individuals.
B. the sum of all incomes earned by all factors of production in a year.
C. the sum of all profits earned minus depreciation.
D. the sum of all profits earned by businesses in a year.
Answer: B
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The Federal Reserve System's four monetary policy goals are
A) low government budget deficits, low current account deficits, high employment, and a high foreign exchange value of the dollar. B) price stability, low government budget deficits, low current account deficits, and a low rate of bank failures. C) price stability, high employment, economic growth, and stability of financial markets and institutions. D) a low rate of bank failures, high reserve ratios, price stability, and economic growth.
The law of diminishing marginal returns is the same as increasing returns to scale.
Answer the following statement true (T) or false (F)
All of the following will affect the position of the demand curve EXCEPT
A) income. B) taste and preference. C) changes in expectations of future relative prices. D) prices of resources used to produce the product.
A closed economy refers to an economy in which:
A. all goods are produced and sold domestically. B. all goods are consumed domestically. C. intermediate goods are sold domestically. D. a country exports, but does not allow imports.