Today, in the United States, imports are about
A) 16 percent of GDP.
B) 32 percent of GDP.
C) 8 percent of GDP.
D) 4 percent of GDP.
Answer: A
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Which of the following is subtracted from gross national product to arrive at the net national product?
a. net income of foreigners b. depreciation c. indirect business taxes d. transfer payments
Figure 17-10
Refer to . Consumer surplus with trade and without a tariff is
a.
A.
b.
A + B.
c.
A + C + G.
d.
A + B + C + D + E + F.
Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one disadvantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would be taxed twice. B) As a sole proprietor, Torrie would not have control of the business. C) As a sole proprietor, Torrie would face unlimited liability. D) As a sole proprietor, Torrie would be subject to significant rules and regulations.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.