Which of the following would be subtracted from the GDP to determine the GNP?
a. the profits a Chinese company earns in China
b. the profits a U.S. company earns in the United States
c. the profits a U.S. company earns in China
d. the profits a Chinese company earns in the United States
d. the profits a Chinese company earns in the United States
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For a natural monopoly, economies of scale
A) exist along the long-run average cost curve at least until it crosses the market demand curve. B) and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. C) lead to a legal barrier to entry. D) as well as constant returns to scale and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. E) are totally absent.
Which of the following is correct?
a. The Bureau of Labor Statistics uses data collected from those applying for unemployment insurance to compute the unemployment rate. b. The labor force includes all adults who are able to work. c. Unpaid homemakers are counted as "employed" by the Bureau of Labor Statistics. d. People working part time are counted as "employed" by the Bureau of Labor Statistics.
The price of imported oil rises. If the government wanted to stabilize output, which of the following could it do?
a. increase government expenditures or increase the money supply b. increase government expenditures or decrease the money supply c. decrease government expenditures or increase the money supply d. decrease government expenditures or decrease the money supply
Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?
A. The amount he spent, $10. B. Nothing, since he got his preferred choice. C. The Batman T-shirt. D. The X-Men T-shirt.