Nations such as Egypt and Turkey may have wide differences between GNP and GDP because both the countries
A) have a high level of imports and exports relative to GNP.
B) have a large portion of their GNP produced by multinational corporations.
C) have a large number of citizens working abroad.
D) purchase large amounts of military wares from other countries.
C
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Explain the effects of a tariff on domestic production, the quantity bought, and the price
What will be an ideal response?
If the Phillips curve aids in forecasting inflation then
A) forecast errors from an alternative forecasting procedure should not be correlated with output fluctuations. B) there should be no correlation between forecast errors from an alternative forecasting procedure and output fluctuations. C) the Phillips curve is upward-sloping. D) the Phillips curve is downward-sloping.
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. Which of the following statements is TRUE at all levels of production?
A) MC = AVC B) MC = AC C) MC > AFC D) All of the above.
Which of the following is NOT true of a perfectly competitive firm?
A. It sells only a small fraction of the total quantity exchanged in the market. B. It seeks to maximize revenue. C. It faces a perfectly elastic demand curve. D. It is unable to influence the price of the good it sells.