The gross national product (GNP) measures ________.
A) the overall market value of final goods and services produced in a country in a year
B) the overall gross profit a country earns in a year
C) a country's overall income resulting from production in a year
D) a country's overall expenditures in a given year
E) a country's overall increase in profitability from one year to the next
C) a country's overall income resulting from production in a year
Explanation: C) The GNP attributes earnings to the country where the company is owned, not where the product was manufactured. Therefore, Toshiba television sets made in Tennessee would be included in Japan's GNP, Toshiba's home country.
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If the U.S. population grew at a 0.9 percent during 2006 and real GDP grew at a 4.4 percent during the same period, what was the growth rate of real GDP per person?
A) 1.6 percent. B) 7.75 percent. C) 3.5 percent. D) 6 percent. E) 0 percent.
The demand for spring break vacations is ________ than is the demand for textbooks because ________.
A. more price elastic; vacations have less available substitutes. B. less price elastic; vacations have more available substitutes. C. more price elastic; vacations are more of a luxury. D. less price elastic; vacations are more of a luxury.
The taste-for-discrimination model examines an employer's prejudice and discrimination in hiring by using tools of:
A. Demand theory B. Theory of costs C. Production theory D. Profit theory
In the above figure, when real disposable income is less than 600, then
A) consumption is less than disposable income. B) consumption is the same as disposable income. C) consumption is more than disposable income. D) the MPC will fall.