If an American firm produces goods that are sold to a German household, then
A) German GDP increases but not U.S. GDP.
B) U.S. GDP increases.
C) the transaction is considered an export in the German GDP accounts.
D) net exports in the United States will not change because an export immediately generates an offsetting import.
B
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Assume that when price is $20, quantity demanded is 9 units, and when price is $19, quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units?
A) $20 B) $19 C) $10 D) $1
Specialization and trade do not allow individuals, firms, or even nations to acquire goods that lie beyond their production capabilities
a. True b. False Indicate whether the statement is true or false
Consumers should purchase quantities of a good to the point where MU > P
a. True b. False Indicate whether the statement is true or false
A trademark is: a. a method of production kept secret by the producing firm
b. a word, name, symbol, or device indicating the source of a good that can only be used by the firm that registered it. c. a government rule that gives an inventor the exclusive legal right to make, use, or sell an invention for a limited time. d. a body of law that protects the right of inventors to produce and sell their inventions.