If U.S. GNP exceeds GDP by approximately $133 billion,
A. U.S. depreciation was ?$133 billion.
B. U.S. factor income earned abroad was $133 billion less than foreign factor income.
C. U.S. depreciation was $133 billion.
D. U.S. factor income earned abroad exceeded foreign factor income by $133 billion.
Answer: D
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Product differentiation
A) is possibly welfare enhancing if new products match consumer preferences better. B) is welfare reducing even if new products match consumer preferences better. C) is welfare enhancing even if new products do not match consumer preferences better. D) is welfare reducing even if new products do not match consumer preferences better.
If marginal costs increase, a monopolist will:
a. decrease price and increase output. b. decrease both price and output. c. increase price and decrease output. d. increase both price and output. e. keep both price and output at the same level.
Refer to the information provided in Table 22.6 below to answer the question(s) that follow.
Table 22.6
Refer to Table 22.6. If 2015 is the base period, the price index in 2014 is
A. 81.2. B. 86.8. C. 118.8. D. 123.2.
The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, then the greater the amount of capital in use the:
A. the less an additional unit of capital adds to production. B. less is produced. C. less production is wasted. D. the more an additional unit of capital adds to production.