A Nation's Real National Income in a Given Year Measures

question 37

Multiple Choice

A nation's real national income in a given year measures the

• A)dollar income earned by the nation's producing sector.
• B)value of output produced by the economy,measured in constant dollars.
• C)level of national income that is subject to taxation by the federal government.
• D)market value of national output produced by the economy.
• E)opportunity cost of the economy's national output.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices, typically downward sloping.

Marginal Utility

The shift in happiness or benefit a person receives from using one more unit of a particular product or service.

All-you-can-eat

A service often provided by restaurants where customers can consume as much food as they want for a fixed price.

Buffet Restaurants

Restaurants that offer a variety of foods displayed on a buffet table, allowing customers to serve themselves a wide range of dishes for a fixed price.