Which of the following would be counted in U.S. GDP?
a. A new U.S.-produced radio bought by a Japanese citizen living in Kyoto
b. A used U.S.-produced computer bought by a French citizen living in Kansas
c. A new Japanese radio bought by a U.S. citizen in Rhode Island
d. A U.S. pianist's concert sales in Britain
e. Stock in Microsoft Corporation bought by a Russian citizen
A
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Refer to Figure 12-3. Suppose the prevailing price is P1 and the firm is currently producing its loss-minimizing quantity. Identify the area that represents the loss
A) P2 deP1 B) P3cbP1 C) 0P1 bQ1 D) P3caP0
In an industry where firms experience internal scale economies, the long-run cost of production will depend on
A) the size of the market. B) the size of the labor force. C) whether the country engages in intra-industry trade. D) individual firms' fixed costs. E) whether the country engages in inter-industry trade.