To obtain national income, start with GNP and subtract:
A. depreciation.
B. depreciation and the statistical discrepancy.
C. depreciation, indirect business taxes, and corporate profits.
D. depreciation, indirect business taxes, corporate profits, and social insurance contributions.
Answer: B. depreciation and the statistical discrepancy.
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The short-run Phillips curve will not shift unless there is
A) an increase in inflation that is unanticipated. B) a decrease in inflation that is unanticipated. C) a change in inflation expectations. D) an increase in the unemployment rate.
In considering the financial history of the transcontinental railroads, the text argues that: a. there was surprisingly little corruption given the corruption in other walks of life at the time. b. there was surprisingly little corruption, mostly involving the buying off of federal regulators when rate controls became unreasonable. c. there was a great deal of corruption, mostly in the form of
high fees chargedimmigrants for what was really free federal land. d. there was a great deal of corruption, mostly because construction companies were run by insiders.