The gross national product of a country for a certain year was $340,000
If the contribution of its factors of production in the production of various goods and services in other countries was worth $140,000 and the contribution of foreign factors of production in the production of goods and services in this country was worth $50,000, the gross domestic product of the country for that year was ________.
A) $430,000 B) $160,000 C) $480,000 D) $250,000
D
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Special interest groups are very unlikely to push for policies that increase the size of their slice of the economic pie if it means that the overall size of the economic pie will shrink
Indicate whether the statement is true or false
Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy. Figure 5-3 shows four diagrams that represent different changes in the macroeconomy. Choose the diagram that best represents the situations described in the following questions.Figure 5-3
Which graph in Figure 5-3 best represents the supply-side shock of the 1970s oil crisis?
A. 1 B. 2 C. 3 D. 4
Which of the following would increase the trade deficit?
A. A tax on imports B. Foreign countries subsidizing their exports C. The U.S. government reducing the budget deficit D. An increasing preference of American consumers for domestic products
A monopoly misallocates resources when it
A. restricts output so that the marginal benefit of the last unit sold exceeds the marginal social cost of producing the good. B. exploits scale economies. C. makes an above-normal profit. D. sells the same product to different groups of customers at different prices.