Which one of the following would not be counted in gross domestic product?
a. a book produced by a Canadian-owned company in Davenport, Iowa
b. a book produced by a U.S.-owned company in Philadelphia, Pennsylvania
c. a book produced by a U.S.-owned company in Halifax, Nova Scotia, Canada
d. a Japanese doctor providing health care to the elderly in Frankfort, Kentucky
e. an American doctor providing health care to the elderly in Frankfort, Kentucky
C
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Thrift institutions include
A) banks, mutual funds, and insurance companies. B) savings and loan associations, mutual savings banks, and credit unions. C) finance companies, mutual funds, and money market funds. D) pension funds, mutual funds, and banks.
Corporations must always pay dividends to their shareholders.
Answer the following statement true (T) or false (F)
Which of the following statements is NOT true for a perfectly competitive firm?
A) A firm's demand curve is horizontal. B) The firm can influence its demand curve by advertising its product. C) The firm's demand curve is perfectly elastic. D) The market demand and supply curves determine the market price.
A perfect competitive firm maximizes profits by producing that output where P = MC. (Hint: consider the relationship between P and MR for a perfectly competitive firm).
a. true b. false