A country that currently does not trade with other countries could benefit by
a. restricting imports and promoting exports.
b. promoting imports and restricting exports.
c. restricting both imports and exports.
d. not restricting trade.
d
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General Motors Corporation (a U.S.-based firm) produces a Saab vehicle in Sweden, and sells it in the United States. In which country's GDP is it included?
a. Sweden and the United States b. The United States because it was sold there c. The United States because GM is a U.S. company d. Sweden because it was produced there
If in some year nominal GDP was $10 trillion and real GDP was $4 trillion, what was the GDP deflator?
a. 25. b. 40. c. 250. d. 400.
In the following graph, the price of labor is $15 per unit. How many units of labor should a firm use to produce 2,000 units of output at the least cost?
A. 80 B. 100 C. 40 D. 50 E. none of the above
The price of a tablet increased from $250 to $400 while the price of a tablet app increased from $1 to $2. The relative price of tablets in terms of tablet apps
A. increased from 175 to 350. B. increased from 0.003 to 0.05. C. decreased from 250 to 200. D. decreased from 0.35 to 0.2.