U.s. gnp
a. includes production of foreigners working in the U.S. and production of U.S. citizens working in foreign countries.
b. includes production of foreigners working in the U.S. but excludes production of U.S. citizens working in foreign countries.
c. excludes production of foreigners working in the U.S. but includes production by U.S. citizens working in foreign countries.
d. excludes production of foreigners working in the U.S. and production by U.S. citizens working in foreign countries.
c
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Robert decides not to attend a showing of the newest Star Wars movie when the price of a ticket is $10. From this, we can conclude that seeing the movie is
A. worth less than 1,000 utils to Robert. B. worth $8 to Robert. C. was worth less than $10 worth of other goods for Robert. D. something that Robert would never do.
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model
a. Baumol's sales maximization hypothesis b. The Pareto optimality condition c. The Cournot model d. The theory of contestable markets e. none of the above
Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets. b. the expenditures on and sales revenues derived from all goods and services exchanged during a period. c. the market value of the output produced during a period and the cost of producing that output. d. the asset holdings of people and the happiness that they derived from the ownership of those assets.
Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Martha; Martha B. Julia; Julia C. Julia; Martha D. Martha; Julia