The profits from a U.S.-owned Burger King in France are included in the U.S. ________ and the French ________
A) GDP; GNP
B) GDP; GDP
C) GNP; GDP
D) GNP; GNP
C
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If the simple spending multiplier is 10, the marginal propensity to save (MPS) is:
a. 1/10. b. 9/10. c. 1/9 d. 10/9. e. 9.
Valeria is a closed economy, where consumption totals $3 billion, tax payments are $300 million, government spending is $1 billion, and GDP is $5 billion. Private saving amounts to
a. $1.7 billion and Valeria's government runs a budget deficit. b. $1.7 billion and Valeria's government runs a budget surplus. c. $1 billion and Valeria's government runs a budget deficit. d. $1 billion and Valeria's government runs a budget surplus
Damages from air pollution include adverse effects on human health and ecosystems, and reduced visibility. The first few units of pollution cause relatively little damage because ecosystems can process and break down a certain amount of pollution, and the levels are generally too low to have significant health impacts. Eventually, levels become high enough to start causing damage such as asthma, noticeable reductions in visibility, and ecological degradation. A small amount of automobile exhaust on a clear day may be a minor annoyance, but the same amount added to a smoggy area at rush hour could trigger significant breathing and health problems. Thus the marginal external damages of pollution, MEDP, start off ___________________.
a. small and grow as the level of pollution rises. b. large and shrink as the level of pollution rises. c. large and shrink as the level of pollution falls. d. small and grow as the level of pollution falls. e. None of the above.
Suppose that Gigantic Company is increasing in size. As Gigantic Company grows, demand for inputs causes input prices to rise. It is likely that continued growth will result in:
A. economies of scale. B. reduced fixed costs. C. diseconomies of scale. D. increasing marginal returns.