Gross domestic product measures the:
a. wholesale value of all goods and services produced by U.S. owned corporations.
b. market value of all final goods and services produced during a year by resources located in the United States.
c. initial production value of foreign and Untied States owned corporations who pay taxes in the United States.
d. aggregate consumer purchases of goods and services sold in a year in the United States.
b
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After the sugar substitute saccharin was found to cause cancer in laboratory mice, its price dropped dramatically. This change in the price was because
A) the supply of saccharin decreased. B) the demand for saccharin decreased. C) the government ordered the price reduction. D) saccharin producers felt sorry for their past customers and were making an honest attempt to compensate them.
Suppose you purchase a two-year bond that has a $450 coupon and a face value of $5,000, and immediately after you purchase the bond, new bonds are issued that are otherwise identical, except they have coupons of $375
If you sell your bond, the price of your bond will be A) $4,868.07. B) $5,000.00. C) $5,069.76. D) $5,134.67.
An example of an intermediate good would be a(n)
A. paper used in this edition of the textbook. B. the appliance you use to heat up your lunch.. C. the used car you purchase. D. the suit you purchased on Black Friday and wore for New Year’s Eve.
?Wind ChimesSun DialsDeena912Artie68
Consider two individuals, Artie and Deena, who produce wind chimes and sun dials. Artie's and Deena's weekly productivity are shown in Table 18.4. Which of the following is TRUE?
A. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing wind chimes. B. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing sun dials. C. Deena has an absolute and a comparative advantage in producing both goods. D. Deena has an absolute advantage in producing both goods, but no one has a comparative advantage in producing either good.