The services British capital provides in Spain are a service export from Britain
A) therefore they are subtracted from British GDP in calculating British GNP.
B) therefore they are added to Spanish GDP in calculating Spanish GDP.
C) therefore they are added to British GDP in calculating British GNP.
D) therefore they are added to Spanish GNP in calculating Spanish GDP.
E) therefore they are subtracted from Spanish GNP.
C
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A perfectly competitive market is in equilibrium and then demand decreases. The decrease in demand means the market price will ________ and eventually there will be ________
A) rise; entry by new firms B) fall; exit by existing firms C) fall; entry by new firms D) rise; exit by existing firms E) fall; neither entry nor exit because the market is perfectly competitive
Trading in collateralized mortgage obligations (CMOs) takes place in the __________ market between __________
A) primary; specialists B) organized exchange; dealers C) over-the-counter; dealers D) primary; Ginnie Mae and Freddie Mac
Technological change or the effects of automation cause
a. structural unemployment. b. frictional unemployment. c. seasonal unemployment. d. cyclical unemployment.
Which of the following statements is INCORRECT regarding the properties of information products?
A) Providing an information product entails incurring relatively high fixed costs. B) The average total cost curve for a firm that sells an information product slopes upward. C) The firm experiences economies of operation in the short run. D) In the long run, the producer earns sufficient revenue to cover the opportunity cost of capital.