When gross domestic product (GDP) is adjusted by adding any income earned abroad by U.S. firms or residents and by subtracting any income earned in the United States by non-U.S. corporations or foreign nationals, it is called:
A. depreciation.
B. subsidized income.
C. international GDP.
D. gross national product (GNP).
Answer: D
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Centralization of decision-making in a firm is a good idea when:
a. the people who produce the information also have decision-making skills. b. all the information comes from internal sources. c. the incentives of the decision-makers is not aligned with the firm's share holders. d. those who have the relevant information are not equipped to analyze it.
Which of the following individuals serve a four-year term?
a. the members of the Board of Governors b. the Chair of the Board of Governors c. the members of the FOMC d. All of the above are correct.
What are explicit cost and implicit cost?
What will be an ideal response?
If a one percent increase in the population leads to a five percent increase in the quantity sold, an economist would claim
A) the good is elastic with respect to population. B) the good is inelastic with respect to population. C) the good is a fad. D) consumers are misinformed about the quality of the product.