Which of the following is included in both the U.S. GDP and U.S. GNP?
A) the value of all cars produced by General Motors in the United States
B) the value of all cars produced by Ford in Mexico
C) the value of all cars produced by Toyota in the United States
D) the value of all cars produced by Nissan in Japan and the United States
Answer: A
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Nicholas is saving money collected from his paper route in order to purchase a new bicycle. His saving represents using money as
A) a medium of exchange. B) a store of value. C) an unit of account. D) none of the above
Airlines offer lower prices to vacationers than to business travelers because
A) of government regulations requiring them to do so. B) business travelers do not care at all about costs. C) business travelers are less flexible in their travel plans than vacationers are. D) airlines know that business travelers enjoy flying more than vacationers do.
Given the scenario described, if the market price of hammers decreased from $15 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13.. A. total producer surplus would fall by $4. B. producer surplus for each producer falls by $4. C. House Depot's producer surplus falls by $4. D. total producer surplus falls by $8.
The great Franco-American cheese war of 2009 began with:
A. beef. B. Swiss cheese quotas. C. camembert cheese tariffs. D. cheddar cheese import restrictions.