Which of the following is true about GNP?
a. includes profits earned by a Mercedes factory in Alabama
b. excludes profits earned by General Electric in India
c. measures the market value of all goods and services produced by resources supplied the home country's residents and firms, regardless of the location of the resource
d. stands for Generally Nice Products
e. used by countries to classify the World Bank
C
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In foreign exchange markets, a U.S. resident who imports New Zealand apples is:
a. a demander and supplier of New Zealand dollars. b. a demander and supplier of U.S. dollars. c. a demander of New Zealand dollars and a supplier of U.S. dollars. d. a supplier of both New Zealand dollars and U.S. dollars. e. a supplier of New Zealand dollars and a demander of U.S. dollars.
One consequence of imperfect information in the health insurance market is that:
A. less healthy individuals are more likely to buy insurance, driving up the cost of insurance for everyone. B. the most healthy individuals are more likely to buy insurance, leaving the least healthy without access to health care. C. health insurance increases the demand for health care and so increases the price of health care. D. unhealthy individuals are denied health insurance.
The overwhelming unpopularity of inflation among citizens is largely a result of the fact that
A) inflation raises the real cost of such basic necessities as food, housing, and clothing. B) inflation reduces the value of real wealth. C) no one knows what causes it. D) no one (or almost no one) gains from inflation. E) people who gain from inflation often erroneously conclude that they are losing as a result of it.
The Fed is considering eliminating
A) primary credit lending. B) secondary credit lending. C) seasonal credit lending. D) its lender of last resort function.