Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2010 Quality Motors produced $30 million worth of automobiles, with $17 million in sales to Americans, $9 million in sales to Canadians, and $4 million worth of automobiles added to Quality Motors' inventory. The transactions just described contribute how much to U.S
GDP for 2010?
a. $17 million
b. $21 million
c. $26 million
d. $30 million
d
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Which of the following is not an exogenous factor of production in the aggregate production function?
a. Technology b. The real wage c. Capital d. Labor e. These are all factors of production.
Why do firms form a cartel? How do cartels achieve their goals?
What will be an ideal response?
Both The Wealth of Nations and the Declaration of Independence share the point of view that
a. every person is entitled to life, liberty, and the pursuit of happiness. b. individuals are best left to their own devices without the government guiding their actions. c. the government plays a central role in organizing a market economy. d. because of human nature a strong legal system is necessary for a market system to survive.
The cost of repositioning an automobile gas tank for greater safety is $11 per vehicle for 12.5 million vehicles. It is expected that 180 deaths will occur if the gas tank location is not redesigned. Failure to redesign the gas tank location therefore implies that the automobile company is implicitly valuing human life at:
A. more than $736,889. B. more than $1,000,000. C. less than $736,889. D. exactly $500,000.