Mitsubishi Corporation of America builds a car in Normal, Illinois, and ships it to Japan for sale. In which country's GDP is this production included?
a. Japan
b. both Japan and the United States
c. in Japan as retail value and the United States as wholesale value
d. half the value in Japan and half in the United States
e. the United States
e
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The "currency" of the IMF is the
A) International Currency Unit. B) Special Drawing Right. C) U.S. dollar. D) IMF Dollar.
If a 10 percent price increase causes the quantity demanded for a good to decrease by 20 percent, demand is elastic
a. True b. False Indicate whether the statement is true or false
Which of the following is true of marginal cost?
a. Marginal cost is the cost per unit of output produced. b. Marginal cost is the change in total cost divided by the change in total output. c. Marginal cost curve is negatively sloped at the profit-maximizing level of output. d. Marginal cost is equal to total cost divided by the quantity of output. e. Marginal cost initially increases with an increase in output but subsequently declines.
Why do price levels increase when government adopts fiscal or monetary policy to correct the economy when it faces a recession and high unemployment?