U.S. Gross National Product includes goods produced by:
A. foreign firms on U.S. soil.
B. U.S. firms on foreign soil.
C. foreign firms on foreign soil.
D. None of these statements is true.
B. U.S. firms on foreign soil.
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What will be the effects of a severe Florida freeze on the price of orange-juice-concentrate futures and what will occur as a result?
A) The futures price will fall and less orange juice will be consumed currently. B) The futures price will fall and more orange juice will be consumed currently. C) The futures price will rise and less orange juice will be consumed currently. D) The futures price will rise and more orange juice will be consumed currently.
The law of one price should hold well for
A) differentiated products. B) any individual goods traded internationally. C) homogeneous goods. D) All of the above.
Ron weighs 150 pounds. A graph relating Ron's weight on the vertical axis to Nancy's consumption of ice cream on the horizontal axis would be
a. a horizontal line at weight = 150 b. a horizontal line at weight = 0 c. a positively sloped line with decreasing slope d. a vertical line at weight = 150 e. the origin
When a perfectly competitive firm produces where AVC < P < ATC, this is called a
A. break-even position. B. loss-minimizing strategy. C. loss-maximizing strategy. D. profit-minimizing strategy.