Thomas, a U.S. citizen, works only in Canada. The value of the output he produces is
a. included in both U.S. GDP and U.S. GNP.
b. included in U.S. GDP, but it is not included in U.S. GNP.
c. included in U.S. GNP, but it is not included in U.S. GDP.
d. included in neither U.S. GDP nor U.S. GNP.
c
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To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.
If the world price for this product is $0.50, this nation will experience a domestic
A. shortage of 160 units, which it will meet with 160 units of imports. B. surplus of 160 units, which it will export. C. shortage of 160 units, which will increase the domestic price to $1.60. D. surplus of 160 units, which will reduce the world price to $1.00.
The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The dominant strategy for firm A is
A) producing an advanced computer. B) producing a basic computer. C) copying firm B's action. D) Firm A does not have a dominant strategy.
The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless: a. you consume five times as much ground beef as you do sirloin steak
b. you consume five times as much sirloin steak as you do ground beef. c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef. d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.
A cost that spills over onto individuals not directly involved in an activity is called a positive externality
a. True b. False Indicate whether the statement is true or false