Refer to the table above. The gross domestic product of the country is ________
A) $402,000 B) $452,000 C) $554,000 D) $352,000
D
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In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________
A) can incur an economic loss; incur an economic loss B) can incur economic losses; make an economic profit C) must make an economic profit; make an economic profit D) can incur an economic loss; make zero economic profit
The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known as
A) the First Bank of the United States and the Second Bank of the United States. B) the First Bank of the United States and the Central Bank of the United States. C) the First Central Bank of the United States and the Second Central Bank of the United States. D) the First Bank of North America and the Second Bank of North America.
When drawing a production possibilities frontier, all of the following are usually assumed except one. Which is the exception?
a. The quantity of resources is rapidly growing. b. Technology is fixed. c. Resources can be shifted between production of the two goods. d. The production possibilities frontier is drawn for a particular time period. e. Resources are fully and efficiently employed.
Japan is generally considered an economy closed to foreign trade
a. True b. False