The upper boundary of the budget set is the:
A. budget line.
B. vertical intercept.
C. origin.
D. indifference curve.
Answer: A
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The WTO is considered _________, whereas NAFTA and the European Union are __________.
a. a free trade area; cartels b. a cartel; multilateral agreements c. a free trade area; multilateral agreements d. a multilateral agreement; regional trade agreements
The intuition behind the budget constraint is that
A) more options are preferred to less. B) money is the root of all happiness. C) information is power. D) scarcity is avoidable with prosperity.
If net investment in 2016 is $350 billion and gross investment in 2016 is $500 billion, depreciation in 2016 is
A. $0.7 billion. B. $150 billion. C. $175 billion. D. $250 billion.
General Motors Corporation (a U.S.-based firm) produces a Saab vehicle in Sweden, and sells it in the United States. In which country's GDP is it included?
a. Sweden and the United States b. The United States because it was sold there c. The United States because GM is a U.S. company d. Sweden because it was produced there