GDP differs from GNP because
A) GDP = GNP - net factor payments from abroad.
B) GNP = GDP - net factor payments from abroad.
C) GDP = GNP - capital consumption allowances.
D) GNP = GDP - capital consumption allowances.
A
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If you know the required reserve ratio, then you know how much each bank is holding in reserves
a. True b. False Indicate whether the statement is true or false
Which of the following is true regarding value, transaction costs, and exchange?
a. Middlemen can be viewed as agents who create value by reducing transaction costs and, thereby, facilitating gains from exchange. b. Middlemen fail to create value since they do not expand the supply of physical goods. c. A good or service has a given value regardless of who uses it or how it is used. d. Voluntary exchange reduces value by channeling goods into the hands of people who value them least.
The VER between the United States and Japan was shown to _______________ gas consumption, _______________ the use of energy, and _______________ gas mileage from automobiles.
a. raise; raise; lower b. lower; lower; raise c. raise; lower; lower d. lower; raise; raise
Darius has $1,200 a month to spend on clothing and food. The price of clothing is $60 and the price of food is $10. What is the equation for Darius's budget constraint, assuming he spends his entire budget?
A. $60 × Clothing + $10 × Food = $1,200 B. $60 × Clothing + $10 × Food ? $1,200 C. $60 × Clothing + $10 × Food > $1,200 D. Clothing + Food < $1,200