In recent U.S. history
A) GDP has been much higher than GNP.
B) GNP has been much higher than GDP.
C) the difference between GNP and GDP has been very volatile.
D) there has been little practical difference between GNP and GDP.
D
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Which of the following would be most likely to improve the standard of living of a less-developed country?
a. Development of strong labor unions. b. More foreign investment, attracted by the expectation of economic and political stability. c. Adoption of trade barriers (higher tariffs and quotas). d. Widespread use of price controls to allocate goods and resources.
How do consumers react to a tax on an item with few or no substitutes?
a. They stop consuming the product. b. They consume a bit less. c. They consume considerably less. d. They consume a bit more.