A good approximation of a country's standard of living is per capita GDP, which is population divided by real GDP.
Answer the following statement true (T) or false (F)
False
A good approximation of a country's standard of living is per capita GDP, which is real GDP divided by population.
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Answer the next question based on the following data. All figures are in billions of dollars.Personal taxes$40Social security contributions15Taxes on production and imports20Corporate income taxes40Transfer payments22U.S. exports24Undistributed corporate profits35Government purchases90Gross private domestic investment75U.S. imports22Personal consumption expenditures250Consumption of fixed capital25Net foreign factor income10Statistical discrepancy0GDP is ________.
A. $417 B. $492 C. $390 D. $422
If Good Smells, a perfume manufacturer, sells its home fragrance line, this is an example of ________.
A) divestiture B) forward integration C) backward integration D) outsourcing
A country should always specialize in the production of any product for which it holds an absolute advantage
Indicate whether the statement is true or false
Jonathan sells tacos in the main plaza of a town in Idaho. There are three other vendors in the other corners of the plaza selling tacos of the same quality. If the market demand for tacos decreases in such a way that Jonathan's total revenue is less than his total cost, he will: a. raise the price of tacos to increase his revenue. b. reduce costs to increase his profit margin
c. shut down his business immediately. d. produce the quantity that minimizes his losses.