Answer the following statements true (T) or false (F)
1) Disposable income measures the before-tax income received by resource suppliers.
2) NDP can be determined by adding taxes on production and imports to GDP.
3) If nominal GDP is 150 and the GDP price index is 200, real GDP is 75.
4) If real GDP is 50 and nominal GDP is 100, the GDP price index is 200.
5) Real GDP accounts for changes in product quality; nominal GDP does not.
1) F
2) F
3) T
4) T
5) F
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Indicate whether the statement is true or false
Imposing tariffs in cases of dumping
A) is allowed under the WTO agreement. B) is not allowed under the WTO agreement. C) has never occurred, even though it is allowed under the WTO agreement. D) is not addressed by the WTO agreement.