Zoran, a Croatian citizen, only works in the United States. The value added to production from his employment is:
A) included in Croatian GDP.
B) included only in U.S. GDP.
C) included only in U.S. GNP.
D) not included in either U.S. GDP or U.S. GNP.
B
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Which statement is true?
A. The number of people living on family farms has been increasing in recent years. B. Most farm subsidy payments go to large corporate farms. C. The United States' huge agricultural surpluses have completely eliminated starvation in this country. D. None of the statements are true.
An increase in the price of a particular bond implies an increase in the interest rate for that bond.
Answer the following statement true (T) or false (F)
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
a. perfectly competitive firms but not by monopolistically competitive firms. b. monopolistically competitive firms but not by perfectly competitive firms. c. both monopolistically competitive firms and perfectly competitive firms. d. neither perfectly competitive firms nor monopolistically competitive firms.