If no foreign companies produce in a country, but many of the country's companies build products in foreign countries, then it is safe to say that _____.
(A) The country's GDP and GNP are equal.
(B) The country's GDP is greater than its GNP.
(C) The country's GDP is equal to its national income.
(D) The country's GNP is greater than its GDP.
Ans: (D) The country's GNP is greater than its GDP.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A tax that imposes a small excess burden relative to the tax revenue that it raises is
A) an efficient tax. B) a payroll tax. C) a sin tax. D) a FICA tax.
Which statement is true?
A. Most U.S. workers are members of labor unions. B. Union membership has been hurt in recent decades by the decline in manufacturing. C. The union movement is most powerful in the South. D. None of these statements are true.
To answer, refer to the following:"At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day (in 1987). Five years before, it required 2,200 workers to make 10,000 bikes daily." (The Wall Street Journal). In 1987,
A. total product was 15,000 bicycles per day. B. the average product of labor was 0.11. C. the marginal product of labor was 8.8. D. both a and b E. both a and c