Which of the following creates difficulties in making comparisons of real GDP across nations?
A) Each nation has a different population. B) Relative prices differ sharply across countries.
C) Nations produce different goods and services. D) Nations often have different languages.
B
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An explicit cost is defined as
A) a cost that does not change as output changes. B) a nonmonetary opportunity cost. C) a cost that involves spending money. D) a nonmonetary accounting cost.
In a market system, private ownership of land leads to the following results, except:
A. Private owners will face no cost in using land for one purpose rather than another B. Land rent would reflect the opportunity cost of land C. Land would be allocated to its best possible uses D. It would aid economic growth because land rents would reflect changes in tastes and technologies