John is a U.S. citizen who works for Walmart located in France. John's work contributes to:
A. both U.S. GDP and U.S. GNP.
B. U.S. GNP, but not U.S. GDP.
C. neither U.S. GDP nor U.S. GNP.
D. U.S. GDP, but not U.S. GNP.
Answer: B
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The Federal Open Market Committee (FOMC) of the Federal Reserve System is primarily for
A. issuing currency and acting as the fiscal agent for the federal government. B. maintaining cash reserves that can be used to settle international transactions. C. setting the Fed's monetary policy and directing the purchase and sale of government securities. D. supervising banks to make sure that markets are open to all and remain competitive.
By using only the aggregate demand curve, we can determine
A) only the price level. B) only the quantity of real GDP. C) both the price level and quantity of real GDP. D) neither the price level nor the quantity of real GDP.
A key difference between a Walrasian market and most auction markets is that in most auction markets
A) transactions occur continuously. B) bid prices exceed offer prices. C) only dealers have complete information. D) offer prices exceed bid prices.
Opportunity cost always arises when a trade-off decision is made
a. True b. False Indicate whether the statement is true or false