Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is

A production function measures how an individual maximizes utility

a. a firm transforms output into input. b. a firm transforms inputs into output. c. d. a firm minimizes cost.

Which of the following items is included when computing M1?

a. Checking accounting entries. b. Currency in circulation. c. All of the above. d. None of the above.