A country in which a significant fraction of domestic production takes place in foreign-owned factories and facilities is most likely a country where
A) GNP is much larger than GDP. B) GDP is much larger than GNP.
C) GDP is not comparable to GDP. D) GDP is equal to GNP.
B
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The demand for a product produced in a perfectly competitive market permanently increases. In the short run, the price
A) rises and each firm produces less output. B) rises and each firm produces more output. C) does not change as new firms enter the industry. D) does not change because each firm produces more output.
Economic progress is best measured by
a. the growth rate of prices over time. b. the growth rate of GDP per capita c. the amount of time it takes a worker to work to afford certain goods and services. d. the growth rate in the population.
Which of the following would provide a reasonable benchmark for how much you should pay monthly into a "real world" savings account?
What will be an ideal response?
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200. What is Sue's optimal bidding strategy in a first-price, sealed-bid auction?
A. Submit a bid that is less than $150. B. Submit a bid of $200. C. Submit a bid of $150. D. Yell "mine" when the bid reaches $150.