The value of what Burger King produces in France is included in the United States ________ and in the French ________.
A. GDP; GNP
B. GNP; GNP
C. GDP; GDP
D. GNP; GDP
Answer: D
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Which of the following is NOT true of a fixed payment loan?
A) The borrower is required to make regular periodic payments to the lender. B) The payments made by the borrower include both interest and principal. C) The borrower is left with a substantial unpaid principal at the maturity of the loan. D) A home mortgage is an example of fixed payment loan.
If your bank pays you 6% interest on a savings account and inflation is 2%, your approximate real rate of interest is
A) 2%. B) 4%. C) 8%. D) 12%.
To maximize expected profit, a perfectly competitive firm with a random marginal cost and known demand should produce at the level that sets ________ equal to ________.
A) marginal cost; marginal revenue B) expected marginal cost; marginal revenue C) expected marginal cost; expected marginal revenue D) marginal cost; expected marginal revenue
To economists, games are:
A. just recreational pursuits like chess, Monopoly, or poker. B. any situation in which players pursue strategies designed to achieve their goals. C. situations in which individuals act against their own interest for fun. D. None of these statements are true.