How is net national product (NNP) calculated?
a. Saving is subtracted from the total income of a nation's citizens.
b. Saving is added to the total income of a nation's citizens
c. Depreciation losses are subtracted from the total income of a nation's citizens.
d. Depreciation losses are added to the total income of a nation's citizens.
c
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Which of the following statements is NOT true about using per capita real GDP to measure a nation's economic growth?
A) The definition does not indicate how the increase in growth is being disturbed among the nation's population. B) The definition assumes that some of the increase in productivity goes to the poor. C) The definition is not perfect for measuring increases in a nation's productive capacity. D) The definition has understated actual economic growth because it does not take into consideration changes in leisure.
Horatio can produce either a combination of 15 bird houses and 25 wind chimes or a combination of 30 bird houses and 15 wind chimes
If he now produces 30 bird houses and 15 wind chimes, what is the opportunity cost of producing an additional 10 wind chimes? A) 2 bird houses B) 15 bird houses C) 30 bird houses D) 45 bird houses