When you calculate GDP you need
A. the prices of goods & services
B. the amount of goods & services produced
C. both the prices and quantities of produced goods & services
D. none of the above
Answer: C. both the prices and quantities of produced goods & services
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According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year? A) China's population = 500 million; India's population = 125 million B) China's population = 8.3 billion; India's population = 1.1 billion C) China's population = 1.3 billion; India's population = 1.1 billion D) China's population = 3.5 billion; India's population = 1.1 billion
A decrease in "financial frictions" is associated with ________
A) a decrease in the credit spread B) more efficient functioning of financial markets C) reduced real cost of borrowing for businesses D) an increase in planned investment spending E) all of the above
In the long run, when an increase in the quantity of output decreases average total cost, this is called:
A. economies of scale. B. diseconomies of scale. C. constant economies to scale. D. minimum average total cost.
Which of the following activities would impact the current account of the U.S. balance of payments?
a. The Ford Motor Company makes a direct investment in a foreign subsidiary. b. The International Federation of Robotics holds a convention in Las Vegas. c. The Royal Bank of Scotland loans money to an American firm. d. Bank of America purchases stock in a European company.