If GNP is $200 billion, receipts of factor income from the rest of the world are $10 billion, and payments of factor income to the rest of the world are $30 billion, then GDP is
A. $160 billion.
B. $210 billion.
C. $220 billion.
D. $240 billion.
Answer: C
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Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. less than B. close to C. equal to D. greater than
Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue
a. increases if MR < ATC and decreases if MR > ATC. b. does not change. c. increases. d. decreases.
Risk premium is
A. the benefits of buying from a trustworthy institution. B. the additional payment paid by bonds issued by the federal government. C. the tendency of some investors to incur in high risk. D. a payment differential necessary to compensate the investor for having to bear a risk.
The more bowed out the Lorenz curve, the
A. more equal the income distribution. B. less the overall wealth in the economy. C. less equal the income distribution. D. greater the overall wealth in the economy.