The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition.

Which of the following should be included in U.S. GDP?

A) a 3D television manufactured in Thailand and sold in the United States B) a 3D television manufactured in the United States and sold in Thailand C) a 3D television manufactured in Thailand by a U.S. firm and sold in the United States D) a used 3D television manufactured in the United States and sold in Thailand

Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy?

A) The benefits of those seeking protection outweigh the costs imposed by the protection. B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers. C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants. D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.