Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States.
B) the value of final goods and services produced within the United States, by United States residents.
C) the value of final goods and services produced outside of the United States.
D) the value of final goods and services produced within the United States.
A
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Refer to the production possibilities frontier in the figure above. If the country moves from point a to point c, the opportunity cost of the move is
A) 30 million capital goods. B) 20 million capital goods. C) 10 million capital goods. D) 10 million consumption goods.
If a firm can adjust its employment of all inputs, then it is
a. experiencing economies of scale. b. in the long run. c. off its expansion path. d. limited only by the capacity of its fixed capital.