To calculate GDP using the expenditure approach, in part it is necessary to add exports and subtract imports
Indicate whether the statement is true or false
TRUE
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When the curve that envelops the series of possible short-run average total cost curves is horizontal, this means that there are:
a. economies of scale. b. diseconomies of scale. c. constant returns to scale. d. diminishing returns. e. some fixed factors of production.
Apple is an American company, but its iPhones are assembled in China. The sale of each iPhone then is counted in US GDP as:
A. consumption. B. an export. C. investment. D. an import.
If the national incomes of our trading partners increase, then our:
A. Aggregate demand decreases because C decreases B. Aggregate demand increases because C increases C. Aggregate demand decreases because net exports decrease D. Aggregate demand increases because net exports increase
A unique feature of an monopolistic industry is:
A. Low barriers to entry B. Standardized products C. Diminishing marginal returns D. Mutual interdependence