Income accrues to people who supply productive services, which means services that
A) add to the monetary income of the society.
B) are in demand.
C) contribute to social welfare.
D) result in tangible or durable products.
E) supply basic wants.
B
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Which of the following best illustrates the difference between GDP and GNP?
a. GDP measures the goods consumed by the citizens of a country, while GNP measures output exported to other countries. b. GDP measures the output produced by the citizens within a country, while GNP measures output produced by noncitizens within a country. c. GDP measures the output produced by the citizens of a country, while GNP measures output produced within the borders of a country. d. GDP measures the output produced within the borders of a country, while GNP measures output produced by the citizens of a country.
If over the next few years inflation is higher in Mexico than in the U.S., then according to purchasing-power parity which of the following should rise?
a. the U.S. real exchange rate but not the U.S. nominal exchange rate b. the U.S. nominal exchange rate but not the U.S. real exchange rate c. the U.S. real exchange rate but not the U.S. nominal exchange rate d. neither the U.S. real nor the U.S. nominal exchange rate
This monopolistic competitor is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run breaking even.
Which of the following firms have market power?
A. private universities B. fast food chains such as McDonald's C. theme parks D. All of these have market power.