The problem of double counting when calculating GDP is solved by
a. subtracting imports from exports
b. counting only goods, not services
c. summing total sales receipts of all firms
d. summing only the value added by each firm
e. using the capital consumption allowance
D
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The balance of payments includes all of the following accounts except
A) the national debt account. B) the financial account. C) the capital account. D) the current account.
In the U.S. a box of tea costs $5 . The same box of tea in Uganda costs 10,000 schillings (the currency of Uganda). If the real exchange rate is 5/4, what is the nominal exchange rate? Show your work
Political factors influence international trade because
A. foreign trade always involves at least two governments. B. foreign governments are much less concerned with the welfare of citizens in other countries. C. foreign governments often establish impediments to free international trade. D. All of the above are correct.
The estimated fiscal burden of illegal immigrant households in the United States is:
A. $800 million per year. B. $20 billion per year. C. $50 billion per year. D. $4.5 billion per year.