Which of the following creates difficulties in making comparisons of real GDP across nations?
A) Each nation has a different population. B) Relative prices differ sharply across countries.
C) Nations produce different goods and services. D) Nations often have different languages.
B
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The market demand for a good is derived by summing all the individual demands
Indicate whether the statement is true or false
Of all the cars made in the United States, General Motors makes only ______ percent of them.
Fill in the blank(s) with the appropriate word(s).
There is only one firm in the market. The economist analyzing that market has said she would expect the price to equal the firm's average total costs.
A. She must be analyzing this market using a game theory model. B. She must be analyzing this market using a contestable market model. C. She must be analyzing this market using a cartel model. D. She must not be an economist, because that answer is clearly wrong.
A firm seeking to maximize economic profits should produce at the output at which
A. total revenue equals total cost. B. marginal revenue equals average revenue. C. marginal revenue equals marginal cost. D. average revenue equals average cost.