U.S. gross domestic product is converted to U.S. gross national product by
a. adding the value of output produced by U.S.-owned resources in foreign countries.
b. subtracting the value of output produced by U.S.-owned resources in foreign countries.
c. subtracting the value of output produced in the United States by foreign-owned resources.
d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.
d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.
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Which of the following about corporations is TRUE?
A) The cost of capital and labor is high relative to that paid by a proprietorship. B) Profits are taxed only once as the owners' income. C) The owners' entire wealth is at risk. D) Corporations' profits are taxed independently of their owners' incomes.
Suppose 100 citizens each derive marginal benefit from submarines according to the function MB = 10 - Q. If subs cost $100 each to produce, what is the efficient quantity of submarines?
What will be an ideal response?
Suppose the government of South Island has fixed the value of its currency, the Islandia, at $0.50 per Islandia, but the market equilibrium value of the Islandia is $0.75 per Islandia. In order to maintain the official value of the Islandia the Central Bank of South Island must either ________ domestic interest rates or supply Islandia, which causes the supply of international reserves to ________.
A. lower; decrease B. raise; decrease C. lower; increase D. raise; increase
U.S. public policy discourages saving because
a. other things the same, taxes increase the return from savings. b. means tested programs such as Medicaid provide lower benefits to those who did not save. c. none of parents' bequest to their children is taxed. d. some forms of capital income are taxed twice.