Which of the following is included in U.S. GDP?
i. the rental value of homes owned by U.S. citizens
ii. the production of Suburban SUVs by GM in its plant in Mexico
iii. tickets sold by U2 for concerts held in the United States
A) ii only
B) ii and iii
C) i, ii and iii
D) i and iii
E) i only
D
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If a firm finds itself at an output level where MR < MC, then the firm
A. should shut down, since it is losing money. B. should decrease output. C. should increase output. D. should raise the price of its product.
Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 24 units of food per year or 12 units of clothing. Which of the following is true?
a. Alland has both a comparative and absolute advantage in producing food. b. Alland has comparative advantage, but not an absolute advantage, in producing food. c. Georgeland has both a comparative and absolute disadvantage in producing clothing. d. Georgeland has an absolute disadvantage, but not a comparative disadvantage, in producing clothing.
Following an expansionary monetary policy, we would expect lower interest rates, dollar
A. depreciation, and an increase in the current account deficit. B. depreciation, and a decrease in the current account deficit. C. appreciation, and an increase in the current account deficit. D. appreciation, and a decrease in the current account deficit.
If a firm is using a resource hired in a perfectly competitive market, and if the marginal resource cost is less than its marginal revenue product,
a. more of the resource should be used. b. less of the resource should be used. c. the firm should pay a lower price for the resource. d. the firm should pay a higher price for the resource. e. the firm is using the optimal amount of the resource.