Profits earned in the United States by a foreign-owned firm would be included in
a. gross domestic product and gross national product.
b. gross national product but not in gross domestic product.
c. gross domestic product but not in gross national product.
d. neither gross domestic product nor gross national product.
C
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Which of the following best illustrates the free-rider problem? a. A tollbooth is constructed at the entrance of a privately funded highway
b. Individuals contribute toward a national defense program by paying taxes to the government. c. Some homeowners in a mountain resort area refuse to contribute toward paving the area's only access road. d. You erect a locked gate around your swimming pool to keep out unsupervised children.
If the more-is-better principle holds, two different consumption bundles can't be equally attractive unless:
A. they contain the same amounts of each good. B. the consumer is unable to rank both bundles. C. as the consumer gives up some of one good, the consumer is given more of the other good. D. they each cost the same amount to purchase.
The nominal interest rate approximately equals which of the following?
A) the real interest rate minus the inflation rate B) the real interest rate plus the inflation rate C) the real interest rate minus the growth rate of real GDP D) the real interest rate plus the growth rate of real GDP
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
a. marginal cost equals price. b. marginal cost equals marginal revenue. c. total revenue minus total cost is at a maximum. d. all of these.