In one year in the country of Countem, workers earned $4150, proprietor's income was $392, rental income was $20, corporate profits were $683,

net interest was $228, taxes on production and imports were $329, business current transfer payments were $12, the current surplus of government enterprises was $3, statistical discrepancy was $28, consumption of fixed capital was $882, factor income received from the rest of the world was $331, and payments of factor income to the rest of the world was $623. Based on these data, compute national income, net national product, gross national product, and gross domestic product.

The first eight items sum to national income, which equals $5817. Adding the statistical discrepancy to national income gives net national product, which is thus $5845. Adding consumption of fixed capital to that gives gross national product, which is thus 6727. Subtract net factor income, which equals factor income received from the rest of the world minus payments of factor income to the rest of the world ($331 - $623 = -$292), from gross national product equals gross domestic product, which is thus $7019.

Economics

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If a nation abandons its own currency and decides to use another nation's currency as its own circulating currency, this is known as:

a. euro-zoning. b. dollarization. c. a managed float. d. a Western regime.

Economics

Julia knows that the price elasticity of movie rentals is 3. She knows, therefore, that if she raises her price from $2 to $2.50, her rentals will drop by approximately

A. 150 percent. B. 100 percent. C. 75 percent. D. 33 percent.

Economics