Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, what was the effect on GDP of counting research and development and new artistic work as investment instead of intermediate inputs starting 2013?
A. It had no effect on GDP.
B. It increased GDP.
C. It may increase or decrease GDP.
D. It decreased GDP.
Answer: B
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The difference in economic growth in North Korea and South Korea can be primarily attributed to differences in ________
A) the proximate causes of prosperity B) geography C) culture D) institutions
In Brazil, the income elasticity of demand for dairy is 0.7 and for fruit and vegetables it is 0.5. These elasticities mean that if the income of Brazilians decreases, they will purchase ________ dairy and ________ fruits and vegetables
A) less; less B) more; more C) more; less D) less; more
By 2015, how many European countries were members of the European Union?
A) 12 B) 17 C) 28 D) 57
A crucial difference between the impact of an import quota compared to a tariff is that:
A. import quotas generate revenue to the domestic government, but tariffs do not. B. import quotas generate no revenue to the domestic government, but tariffs do. C. tariffs increase the prices paid by domestic consumers, but quotas do not. D. both (a) and (c)