Which of the following is included in U.S. GDP?
i. the rental value of homes owned by U.S. citizens
ii. the production of Suburban SUVs by GM in its plant in Mexico
iii. tickets sold by U2 for concerts held in the United States
A) ii only
B) ii and iii
C) i, ii and iii
D) i and iii
E) i only
D
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To achieve gains from trade, a country
A) needs to have an absolute advantage in the production of all goods. B) specializes in the producing a good in which it has a lower opportunity cost. C) must produce at a point beyond its PPF. D) needs to have an absolute advantage in the production of at least one good. E) should produce at the midpoint of its PPF.
Keynes believed that the economy could stay in period of unemployment for a long time period without self-correcting
a. True b. False Indicate whether the statement is true or false