The gross national product of a country for a certain year was $340,000
If the contribution of its factors of production in the production of various goods and services in other countries was worth $140,000 and the contribution of foreign factors of production in the production of goods and services in this country was worth $50,000, the gross domestic product of the country for that year was ________.
A) $430,000 B) $160,000 C) $480,000 D) $250,000
D
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Intra-industry trade will tend to dominate trade flows when which of the following exists?
A) small differences between relative country factor availabilities B) large differences between relative country factor availabilities C) homogeneous products that cannot be differentiated D) constant cost industries E) uneven distribution of abundant resources between two countries
Price ceilings sometimes result in some buyers and sellers purchasing the good at prohibited prices
Indicate whether the statement is true or false