The residents of Ireland earn $200 million of income from abroad. Residents of other countries earn $300 million in Ireland. Therefore, Ireland's
a. net factor payments from abroad are positive, and its GDP is larger than its GNP.
b. net factor payments from abroad are positive, and its GNP is larger than its GDP.
c. net factor payments from abroad are negative, and its GDP is larger than its GNP.
d. net factor payments from abroad are negative, and its GNP is larger than its GDP.
c
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Are federal budget deficits related to trade deficits?
A) Yes. Higher deficit spending goes up resulting in more government borrowing, and foreign residents who lend funds to the U.S. government have fewer resources to spend U.S. export goods. B) Yes, but only if the quality of U.S. goods and services is deteriorating. C) Yes. If U.S. consumers buy too many imported goods, they do not have funds to save, and a budget deficit results. D) No. The budget deficit is entirely a domestic matter, while the trade deficit only affects U.S. citizens who travel abroad.
Refer to Scenario 7.3. When Q = 200, what is the marginal cost?
A) 0 B) 5 C) 10 D) 15 E) 25