The difference between GNP and GDP is accounted for by:
(a) Depreciation;
(b) Net factor income from abroad;
(c) Indirect Taxes/subsidies;
(d) Transfer Payments.
Answer: (b) Net factor income from abroad;
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Since the founding of the IMF, most international reserves have been held in
A) gold. B) silver. C) U.S. dollars. D) British pounds sterling.
Refer to Scenario 10.2. Suppose that a tax of $5 for each unit produced is imposed by state government. What is the profit maximizing price?
A) $90.00 B) $10.00 C) $55.00 D) $52.50
Suppose that when the price of hot dogs is $2 per package, there is a demand for 10,000 bags of hot dog buns. When the price of hot dogs is $3 per package, the demand for hot dog buns falls to 8,000 bags. What is the cross-price elasticity of demand for hot dogs and hot dog buns?
A. -0.4 B. -0.25 C. 4 D. 0.25
If you know that when a firm produces 10 units of output, total cost is $1,030 and average fixed cost is $10, then total variable cost is
A. $104. B. $930. C. $1,130. D. $1,040.