Nations such as Egypt and Turkey may have wide differences between GNP and GDP because both the countries
A. have a large portion of their GNP produced by multinational corporations.
B. have a high level of imports and exports relative to GNP.
C. have a large number of citizens working abroad.
D. purchase large amounts of military wares from other countries.
Answer: C
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Differentiate between the current account balance and the capital account balance.
What will be an ideal response?
Suppose each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the short run, an increase in the price of shovels will result in
A) fewer shovels being purchased. B) more workers being hired. C) a decrease in the firm's output. D) no change in the firm's output.
The opportunity cost of holding money is properly measured by the rate of interest on financial assets such as bonds
a. True b. False Indicate whether the statement is true or false
For which of the following does a consumer have the most options if he or she waits a while after a price change?
a. salt
b. gasoline
c. medical care and hospitalization
d. china, glassware