If indirect business taxes and depreciation were added to the national income, we obtain:
a. Net National product
b. Gross National Product.
c. Gross Domestic Product.
d. Personal Income.
b
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The Fed is often considered the bankers' bank because it
a. demands much more currency than it has available b. no longer has a monopoly on printing paper currency c. lowers the discount rate in order to restrict the money supply d. holds banks' reserves, provides banks with currency and loans, and clears their checks e. refuses to use its power of open market operations when a quorum of state-chartered bankers petitions it
Al's Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households. The transactions just described contribute how much to GDP?
a. $1 million b. $3 million c. $4 million d. $5 million