U.S. gross national product is defined as
A) the value of final goods and services produced within the United States.
B) the value of final goods and services produced outside of the United States.
C) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States.
D) the value of final goods and services produced within the United States, by United States residents.
Answer: C
You might also like to view...
In the above figure, when the interest rate is 8 percent and household income is $40,000, household consumption is
A) $0. B) $20,000. C) $35.000. D) $60,000.
What would be the effect of a reduction in the corporate profits tax?
a. Investment would decrease, the production function would shift downward, productivity would decrease, and so would output. b. Investment would increase, the production function would shift upward, productivity would increase and output would decrease. c. Investment would increase, the production function would shift upward, and both productivity and output would increase. d. Investment would decrease, the production function would shift downward, and both productivity and output would increase. e. Investment would increase, the production function would shift upward, productivity would decrease and output would increase.