U.S. Gross National Product includes goods produced by:
A. foreign firms on foreign soil.
B. foreign firms on U.S. soil.
C. U.S. firms on foreign soil.
D. None of these statements is true.
Answer: C
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Milly Miser removes $250,000 from her mattress and opens a checking account. This single transaction immediately increases the money supply by
a. $250,000. b. $50,000. c. $0. d. ?$250,000.
According to a World View article titled "Trading Chickens for Diapers," the Venezuelan economy turned to a barter system because
A. A system of barter is typically more efficient than a monetary system. B. It is usually easier to measure the value of goods in terms of other goods rather than cash. C. The movement to a cashless society was the next step in the movement toward the ideal communist state. D. The bolivar has become worthless.
If full-employment output exceeds equilibrium output, greater deficit spending will result in a
A. Smaller recessionary gap. B. Larger recessionary gap. C. Smaller inflationary gap. D. None of the choices are correct.
An example of infant industry protection is the computer industry in Brazil from 1977 to 1988. It is widely concluded that the effort was:
a. a failure. b. a complete success, because now Brazil manufactures nearly all computer CPUs. c. successful, although there were costs to pay in higher prices, making PCs unattainable for most Brazilian consumers. d. as measured on a cost-benefit basis, still unclear due to potential future gains.