Suzi is a British citizen who works for Yankee Candles in Massachusetts. Suzi's work will be included in:
A. England's GDP since she's a British citizen.
B. U.S. GDP since she's working for a U.S. firm.
C. U.S. GDP since she's working for a firm located in the U.S.
D. both the U.S. and England's GDP.
Answer: C
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Greg, a U.S. citizen, works only in Canada. Where is the value that his labor contribute to put in national income accounting?
What will be an ideal response?
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals
A) $100. B) $130. C) $150. D) $180. E) $550.
Other things the same, continued losses in technological ability and continued decreases in the money supply would unambiguously lead to
a) neither declining prices nor declining real GDP. b) declining real GDP only. c) declining prices only. d) declining prices and declining real GDP.
Which of the following is a characteristic of pure monopoly?
A. Close substitute products. B. Barriers to entry. C. The absence of market power. D. "Price taking."