The precise definition of GDP is the total value of all
a. goods and services produced by a nation, minus household labor
b. goods and services produced by a nation, minus depreciation
c. goods and services produced for the marketplace during a given period
d. final goods and services produced for the marketplace during a given period, within a nation's borders
e. final goods and services produced within a nation's borders and by this nation's citizens abroad during a given period
D
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The theory of portfolio choice suggests that the most important factor affecting the demand for domestic and foreign assets is
A) the level of trade and capital flows. B) the expected return on these assets relative to one another. C) the liquidity of these assets relative to one another. D) the riskiness of these assets relative to one another.
The real exchange rate is defined to be the:
A. value of goods in one nation relative to the value a similar set of goods in another country. B. rate people exchange goods and services in a domestic market. C. rate at which firms in different nations would be willing to exchange goods. D. value of goods in one nation relative to the value the same set of goods in another country.
What are the main differences between adverse selection and moral hazard in the insurance market?
What will be an ideal response?
Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of 1 teapot in Arcadia?
A. 2/3 of a surfboard B. 1.5 surfboards C. 40 surfboards D. 60 surfboards