Suppose a person receives an education in her home country. Which of the following will tend to make the increase in GDP of the person's home country larger than the increase in this person's income?
a. externalities and brain drain
b. externalities but not brain drain
c. brain drain but not externalities
d. neither externalities nor brain drain
b
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A tax imposed by the U.S. government on imported Chinese frozen shrimp would be an example of
A. a voluntary restriction. B. a quota. C. a tariff. D. a regulatory trade restriction.
Suppose this year Angola borrows $100 million from foreign countries, while it lends $15 million to other countries. Angola definitely is a
A) net borrower. B) net lender. C) creditor nation. D) debtor nation.
According to the quantity theory of money
A) a change in the money supply can lead only to a proportionate change in the price level. B) the velocity of money is the least stable factor in monetary analysis. C) the rate of inflation is not related to changes in the money supply. D) price level changes can best be explained by Keynesian analysis.
What is true only at the output level where price equals average total cost?
a. Marginal cost equals marginal revenue. b. Profit is maximized. c. Losses are minimized. d. Profit is zero. e. Cost is minimized.