.Greg, a U.S. citizen, works only in Canada. Where is the value that his labor contributes to put in national income accounting?
What will be an ideal response?
It is included in U.S. GNP, but it is not included in U.S. GDP.
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The large number of banks in the United States is an indication of
A) vigorous competition within the banking industry. B) lack of competition within the banking industry. C) only efficient banks operating within the United States. D) consumer preference for local banks.
Economic profit equals accounting profit minus implicit costs
a. True b. False Indicate whether the statement is true or false
Which of the following terms refers to a government payment to a domestic producer?
A. Value-Based Benefit B. Ad valorem tariff C. Subsidy D. Specific tariff E. Quota
Refer to the accompanying figure. What is total consumer surplus at the market equilibrium?
A. $80 per day B. $160 per day C. $6 per day D. $240 per day