When GDP is measured in "current prices" it is known as the
A) real GNP. B) real GDP. C) nominal GNP. D) nominal GDP.
D
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Economic profit is defined as
a. total revenue minus implicit costs b. total revenue plus explicit costs c. total revenue plus implicit costs d. wages plus interest minus rent e. total revenue minus implicit and explicit costs
When overall production is taken into account, trade restrictions, such as those enacted by the Smoot-Hawley trade bill,
A) save good paying jobs. B) reduce imports, without affecting the volume of exports. C) increase employment in the domestic industries that are most productive. D) neither create nor destroy jobs; they
Steel workers laid off from their jobs as the result of a recession are considered:
A. structurally unemployed. B. cyclically unemployed. C. frictionally unemployed. D. seasonally unemployed.
Interest paid by businesses is
A. included in both GDP and national income. B. not counted in GDP because it is not assumed to flow from the production of goods and services. C. counted in national income, but not in GDP. D. not counted in GDP but is counted in GNP because it is paid by U.S. businesses.