Bill Gates' recent purchase of a new Rolls-Royce automobile produced in Great Britain will:
a. increase the gross domestic product of the United States.
b. have no effect on either country's GDP.
c. decrease Great Britain's GDP.
d. increase the net export component of U.S. gross domestic product.
e. have to be subtracted from the U.S. GDP.
e
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If the Fed conducts open market sales, the equilibrium value of money decreases and the equilibrium price level increases
a. True b. False Indicate whether the statement is true or false
Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a zero economic profit. Orange juice producers will likely begin to incur economic losses in the short run, and some producers will exit the industry until those remaining earn a zero economic profit, if consumers
A. switch from orange juice to grape juice. B. do not change their demand for orange juice. C. switch from grape juice to orange juice. D. All of the above are correct.