If receipts of factor income from the rest of the world are less than payments of factor income to the rest of the world, then
A. GDP equals GNP.
B. GNP equals NNP.
C. GNP is greater than GDP.
D. GDP is greater than GNP.
Answer: D
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The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________
A) 60,000; 60,000 B) 80,000; 40,000 C) 40,000; 60,000 D) 60,000; 40,000 E) 40,000; 40,000
What are the three major components of economic growth?
What will be an ideal response?
If a monopoly wants to maximize its profit, it should produce in the range where
A) its average costs are declining. B) its demand curve is elastic. C) its marginal costs are declining. D) its marginal costs are less than its average costs.
A lender obtains funds from depositors by offering short-term interest rates on savings accounts. The lender uses these funds to make longer-term installment loans. Explain how the lender might make use of the futures market to hedge the risk taken.
What will be an ideal response?