Which of the following is not counted in the GNP of the United States?
A. The value of services that are produced by state and local governments in the United States.
B. The profit earned by a restaurant located in the United States but owned by a Mexican company.
C. The interest earned by a U.S. bank on loans to a business firm located in Brazil.
D. The wage of a U.S. citizen who works in a foreign country for a foreign firm.
Answer: B
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At a Mufflers-R-Us repair shop customers have the opportunity to wait in a room with chairs, a television, magazines, coffee and donuts. The economic way of thinking suggests the muffler shop is
A) selling mufflers below cost. B) selling the additional goods and services below cost. C) attempting to increase its total profit D) engaging in unfair trade practice because it provides the goods and services free of charge. E) almost certainly doing none of the above.
Who determines the open-market operations of the Federal Reserve System?
A) Board of Governors B) FDIC C) FHLBB D) FOMC
The marginal rate of technical substitution always equals
A) the slope of the total product curve. B) the ratio of the marginal products of inputs. C) the change in output due to a change in the amount of one input. D) the distance between two isoquants.
Currently in the United States, the ________ must examine the facts of each resale maintenance case using the ________.
A) Supreme Court; hardcore restriction approach B) lower courts; rule of reason approach C) Supreme Court; rule of reason approach D) lower courts; hardcore restriction approach