Answer the following questions true (T) or false (F)
1. The values of real GDP and real GNP are almost the same for the United States.
2. The values of real GDP and real GNP are almost the same in countries where a significant fraction of domestic production takes place in foreign-owned firms.
3. Disposable personal income is equal to personal income minus personal tax payments.
1. TRUE
2. FALSE
3. TRUE
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Refer to Figure 3.2. Wilma's dominant strategy is
A) North. B) South. C) East. D) Wilma has no dominant strategy.
Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour
A) Brenda has an absolute advantage in the production of X and Y. B) Agnes has a comparative advantage in the production of Y. C) Brenda has a comparative advantage in the production of X. D) Brenda cannot gain from trade.