The output produced by domestically owned firms in foreign countries is included in the U.S. GDP but not in the U.S. GNP

The federal government spends the largest amount of its budget on Social Security, which is an example of

a. federal aid to state and local government b. discretionary spending ' c. mandatory spending d. defense spending

Economies of scope refer to

A) changes in technology. B) the very long run. C) multiproduct firms. D) single product firms that utilize multiple plants. E) short-run economies of scale.