Exports are products produced in the home country and sold in another country.
Answer the following statement true (T) or false (F)
True
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Given the information in the table above. If these two countries trade these two goods in the context of the Ricardian model of comparative advantage, then what is the lower limit of the world equilibrium price of widgets?
What will be an ideal response?
National Income is obtained by
a. subtracting capital consumption allowance from GDP. b. adding all the earnings of productive resources in a given period. c. subtracting personal taxes from personal income. d. adding personal savings and personal consumption expenditures.
Which of the following would be included in this year's gross domestic product (GDP)?
a. One hundred shares of IBM stock that Tony sold this May b. A used car that Tracey sold to Justin c. George's purchase of a fishing rod and reel at a garage sale d. Sharon giving Dennis $20 as a reward for finding her ring e. A bucket of Kentucky Fried Chicken that Kate bought this July
In the United States, the official poverty line is based on:
A. the price of housing. B. the price of clothing. C. the price of food. D. the average income of the lowest quartile of income earners.