The total market value of all final goods and services produced by resources owned by a country, regardless of where production takes place is
A. national income.
B. gross domestic product.
C. gross national product.
D. gross private domestic investment.
Answer: C
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When the price of a good changes, the total effect of the price change on the quantities purchased can be found by comparing the quantities purchased
A) on the old budget line and the new budget line. B) on the original indifference curve when faced with the original prices and when faced with the new prices. C) on the new budget line and a hypothetical budget line that is a parallel shift back to the original indifference curve. D) on the new indifference curve.
According to Brinley Thomas, the inflows of immigrants to the U.S. in the late-19th and early 20th centuries
a. caused simultaneous growth surges in the U.S. and Europe. b. caused growth surges in the U.S. to coincide with slowed growth in Europe. c. hampered the growth of both the U.S. and Europe. d. had no systematic impact on growth patterns in the U.S. or Europe.
Joe's Butcher Shop is producing where MR = MC; Joe's Butcher Shop must be
A. incurring a loss. B. earning a zero economic profit. C. maximizing revenue but not maximizing profits. D. maximizing profits.
Refer to the figure below. In Venezuela, there are a very small number of extremely wealthy households and an extremely large number of very poor households. If the United States is represented by Lorenz curve c above, which curve would represent Venezuela?
A. a
B. b
C. c
D. d