An example of a good or service that would count in the U.S. GDP would be a bag of coffee made in:
A. Canada by Starbucks.
B. Vermont by Green Mountain Coffee Roasters.
C. Colombia by Dunkin' Donuts.
D. All of these would count in U.S. GDP.
Answer: B
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) What part of domestic output in country A is the total wage bill before and after the immigration?
A. $500M before and $800M after
B. $500M before and $100M after
C. $400M before and $100M after
D. $400M before and $500M after
When the price of a product decreases, the purchasing power of our income increases and thus permits consumers to purchase more of the product. This statement describes
A. the income effect. B. an inferior good. C. the rationing function of prices. D. the substitution effect.
A movement along the consumption function is the result of a change in
A) consumer wealth. B) income. C) autonomous consumption. D) expected wealth.
Refer to Scenario 15.2. If the interest rate were 2%, Furry Software should
A) retool the offices. B) rewire the network. C) move to Southern California. D) be indifferent between retooling and rewiring. E) be indifferent between rewiring and moving.