GNP and GDP:
a. Are quite different because GDP measures a nation's income, and GNP measures a nation's output.
b. Both measure a nation's income and output.
c. Are quite different, because GNP measures a nation's income and GDP measures a nation's output.
d. Are both stock measures of a nation's output.
e. Are both stock measures of a nation's income.
.B
You might also like to view...
In practice, price discrimination is never perfect. Why?
What will be an ideal response?
Suppose a firm has a variable cost function VC = 20Q with avoidable fixed cost of $50,000. What kind of firm is this?
A. This firm is a natural monopoly because as Q rises, AC falls. B. This firm is a natural monopoly because as Q rises, AC rises. C. This firm is a natural monopoly because as Q rises, VC falls. D. This firm is a natural monopoly because as Q rises, VC rises.
Improvements in the quality of goods and services over time
a. cause GDP statistics to understate true output growth from year to year b. cause GDP statistics to overstate true output growth from year to year c. are fully accounted for in the Bureau of Economic Analysis' measurement of GDP d. are reflected in higher prices and therefore do not affect the measurement of real GDP e. are offset by declining productivity over time
Which of the following examines the costs and expected benefits of a choice?
a. choice-benefit analysis b. cost-profit analysis c. cost-benefit analysis d. choice-profit analysis