The GDP of Country X in a particular year was $820,000. If the value added by U.S
workers in the production of various goods and services in Country X during that year was worth $150,000 and the value added by the workers of Country X in the production of various goods and services in other countries during that year was worth $130,000, the GNP of Country X during that year was ________.
A) $1,140,000 B) $135,000 C) $8,235,000 D) $800,000
D
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Which of the following describes the relative positions of the demand curve and the average total cost (ATC) curve of a monopolistically competitive firm that earns a profit in the short run?
A) In the short run, the firm's demand curve will lie above its ATC curve. The demand curve will be tangent to the ATC curve in the long run. B) In the short run, the firm's demand curve will lie below its ATC curve. The demand curve will be tangent to the ATC curve in the long run. C) In the short run, the firm's demand curve will cross its ATC curve at the ATC curve's lowest point. The demand curve will be above the ATC curve in the long run. D) In the short run, the firm's ATC curve will cross the demand curve at the profit maximizing level of output. The demand curve will be tangent to the ATC curve in the long run.
Which of the following is a deficit item on the balance of payments?
A. exports of merchandise B. purchases of foreign assets C. foreign tourist dollars spent domestically D. sales of gold to foreigners
If a company has significant economies of scale in the long run-assuming a large market -the company will tend to
A. grow larger and have a rising average cost curve. B. become smaller and have a rising average cost curve. C. become smaller and have a declining average cost curve. D. grow larger and have a declining average cost curve.
“If economic forecasting was a more exact science, the business cycle could be entirely corrected by fiscal measures.” Do you agree?
What will be an ideal response?