If you take investment by U.S. residents in other countries and you subtract investment by foreign residents in the U.S., you will find
a. gross foreign investment
b. net foreign investment
d. gross domestic product
e. negative net foreign investment
b. net foreign investment
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Refer to the scenario above. What is Sarah's opportunity cost of producing one greeting card?
A) 0.33 earrings B) 0.5 earrings C) 1 earring D) 3 earrings
If the average worker's productivity is $12 per hour and the labor force is employed for 600 billion hours, GDP is equal to
A. $612 billion. B. $50 billion. C. $588 billion. D. $7.2 trillion.
Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28. Refer to the information given. If the
market price of Pacific halibut is $40 per ton, and Melanie and Oli both catch their quota, their combined profit will be: A. $12,000. B. $22,000. C. $25,000. D. $32,000.
Which of the following most closely relates to the idea of opportunity costs?
A. technological change B. capitalism C. economic growth D. trade-offs