Tallulah is a German citizen who works for Volkswagen located in Fresno, California. Tallulah's work contributes to:
A. U.S. GDP, but not U.S. GNP.
B. U.S. GNP, but not U.S. GDP.
C. German GDP, but not U.S. GDP.
D. German GDP and U.S. GNP.
A. U.S. GDP, but not U.S. GNP.
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The United States has the biggest national economy in the world solely because of the U.S. population.
Answer the following statement true (T) or false (F)
Which of the following is an example of an implicit cost?
A) rent on a building B) the cost of fertilizer for a farmer C) the economic depreciation of capital equipment the business owns D) the cost of fuel and materials. E) wages paid to workers
Suppose that accountants increase the price for calculating income taxes owed by 20 percent. The short-run demand for their service is less elastic than the long-run demand because in the long run consumers will ________
A) spend less on this service B) experience an increase in income C) try to avoid paying their income tax D) find other ways to calculate the income tax they must pay
Many people perceive erroneously that most macroeconomists spend a lot of time engaged in
A) forecasting. B) macroeconomic research. C) macroeconomic analysis. D) data development.