In order to compute national income from GDP,
a. national income is first calculated, and then depreciation of capital and indirect business taxes are subtracted from it to get GDP.
b. GDP is first calculated, and then gross private domestic investment is subtracted from it to get national income.
c. GDP is first calculated, and then capital depreciation and proprietors' income are subtracted from it to get national income.
d. GDP is first calculated, and then depreciation of capital is subtracted from it to get national income.
Question 2
According to the net exports effect, as the price level falls relative to the rest of the world,
a. foreigners buy fewer goods.
b. foreigners buy more U.S. goods.
c. the aggregate demand curve shifts to the left.
d. the aggregate demand curve shifts to the right.
e. the supply of U.S.-made goods increases.
Major trunk lines carrying long-distance traffic crisscrossed the area east of the Mississippi. The
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