GDP of the United States is equal to GNP
a. plus payments to Americans who are overseas less payments to foreigners who work in the United States
b. less payments to Americans who are overseas
c. plus payments to foreigners who work in the United States
d. adjusted for all goods and services produced by foreigners in the United States
e. less payments to Americans who are overseas plus payments to foreigners who work in the United States
E
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Marginal cost eventually increases because
A) of the law of diminishing returns. B) eventually each additional worker produces a successively smaller addition to output. C) the marginal product of the variable input eventually falls. D) All of the above answers are correct.
Suppose an elected official wishes to introduce a new government program. Under a PAYGO rule, this new program would be adopted only if
A) the budget deficit is reduced by the same amount as the costs of the new program. B) the budget deficit is reduced by half the amount of the costs of the new program. C) the new program does not result in an increase in the current or future budget deficit. D) none of the above
Elasticity is a measure of:
a. the slope of a linear demand curve. b. the slope of a supply curve. c. relative responsiveness. d. economic welfare. e. consumer tastes.
Shutting down a firm's operation and quitting production is equivalent to exiting the industry.
Answer the following statement true (T) or false (F)