The value of all motorcycles produced by Harley Davidson in the United States is
A. included in the U.S. GNP but not the U.S. GDP.
B. included in both the U.S. GDP and GNP.
C. included in the U.S. GDP but not the U.S. GNP.
D. not included in either the U.S. GDP or GNP.
Answer: B
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Leontief's results can be interpreted as
A) evidence against the classical model. B) evidence against the Heckscher-Ohlin model. C) support for the classical model. D) support for the Heckscher-Ohlin model.
If the market price is $4 and a perfectly competitive firm is producing 3,200 units and the marginal cost to produce the 3,200th unit is $3.88, which of the following is true?
A) The difference between marginal revenue and marginal cost (MR - MC) for the 3,200th unit is negative. B) The firm should increase production to maximize profit. C) The firm is maximizing profit. D) The firm should decrease production to maximize profit.
Total costs increase from $1,500 to $1,800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. FC = $400 b. FC = $100 c. MC = $30 d. MC = $300
An obstacle that prohibits new firms from entering an industry defines
A. economies of scale. B. barriers to entry. C. monopoly power. D. natural monopoly.