Which of the following is included in both the U.S. GDP and U.S. GNP?
A) the value of all cars produced by Nissan in Japan and the United States
B) the value of all cars produced by Ford in Mexico
C) the value of all cars produced by Toyota in the United States
D) the value of all cars produced by General Motors in the United States
D
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Which of the following is a correct reason for stating that the United States has a fiduciary monetary system?
I. Our money is convertible to a fixed amount of silver or gold. II. Our money has a predictable value. A) I only B) II only C) Both I and II D) Neither I nor II
Ceteris paribus, if Canadians decide they want to eat more U.S.-grown soybeans, this causes the ________ U.S. currency to ________.
A. supply of; decrease B. demand for; decrease C. supply of; increase D. demand for; increase
A profit-maximizing firm should hire an input as long as the:
A. Firm can increase its total revenue B. Price of the input doesn't exceed the price of the other inputs used in the firm's production C. Marginal revenue product of the input is at least as much as the cost of hiring the input D. Marginal revenue product of the input is greater than the marginal revenue product of other inputs the firm is using
Water is considered a scarce good because:
A) scarce goods are less expensive. B) not enough of it is available for all needs and because it is less expensive. C) it does not have any uses. D) not enough of it is available for all needs.