How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold?
A) The supply of smartphones would decrease.
B) The demand for smartphones would increase.
C) The demand for smartphones would decrease.
D) The price of smartphones would rise by $5.00.
A
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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.
Written and recorded works, ideas, formulas, and other creative intangible property that are owned by an individual or a group of individuals are examples of the economic concept of
A. intellectual property. B. personal effects. C. physical capital. D. public property.