Explain the difference between gross domestic product and gross national product
What will be an ideal response?
GDP represents the market value of all final goods and services produced IN a country during a given period. GNP is the market value of all final goods and services produced by domestically owned factors of production in a given period.
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The law of demand ensures that a demand curve has a positive slope
a. True b. False Indicate whether the statement is true or false
As of December 2010+, the largest single component of M2 consists of
a. checkable deposits at banks. b. cash, coins, and other currency. c. savings deposits. d. gold and silver in commodity accounts.
According to the textbook, the evidence indicates that NAFTA has:
A. reduced the employment of unskilled workers in the United States significantly. B. reduced the wages of skilled workers in the United States. C. stopped illegal immigration from Mexico. D. not significantly reduced the employment of unskilled workers in the United States.
Consumer surplus measures
A. The difference between the minimum price a consumer is willing to pay and the price actually paid. B. The difference between the maximum price a consumer is willing to pay and the price actually paid. C. The difference between the amounts of a good a consumer is willing to pay, and how much of the good is available for sale. D. The sum of all of the marginal utilities for that good