A U.S. tariff imposed on items that can be produced more cheaply abroad
A) benefits Americans by making these goods cheaper.
B) makes the goods more expensive in foreign markets.
C) creates a deadweight loss.
D) makes the world market more efficient.
C
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The market value of all final goods and services in an economy produced by resources owned by people of that economy, regardless of where the resources are located, is
a. gross domestic product b. gross national product c. net national product d. national income e. gross private domestic investment
In answering which of the following questions would you find it necessary to calculate a present value?
a. Should Jane put $1,000 today into a 5-year certificate of deposit that pays 4 percent annual interest? b. Should ABC Corporation buy a factory today for $2 million, knowing that the factory will yield the corporation $3 million after 5 years? c. If Jill puts $5,000 today into a bank account that pays 3 percent interest, then how much will she have in the account after 2 years? d. You would find it necessary to calculate a present value in order to answer all of these questions.