If foreign citizens earn less income in the U.S. than U.S. citizens earn in foreign countries,
a. U.S. net factor payments from abroad are positive, and its GDP is larger than its GNP.
b. U.S. net factor payments from abroad are positive, and its GNP is larger than its GDP.
c. U.S. net factor payments from abroad are negative, and its GDP is larger than its GNP.
d. U.S. net factor payments from abroad are negative, and its GNP is larger than its GDP.
b
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Which of the following is not a characteristic of the long-run equilibrium in perfect competition
a. Each firm is producing an efficient quantity. b. Price equals ATC for each firm. c. Each firm earns a zero economic profit. d. Each firm produces at the minimum point on the MC curve.
If the Fed decreases the monetary base by $100 million and the money multiplier is 4, M1 will
A) rise by $400 million. B) fall by $400 million. C) rise by $25 million. D) fall by $25 million.