Bryan Mackenzie, from Los Angeles, California, is an independent computer consultant. Companies all over the world hire him to design their computer systems. Are the services he renders in Tokyo, Japan, included in the United States GNP? Are they included in the United States GDP? Explain your answers
These services are part of the United States GNP, because they are produced using American resources
(Bryan's talents). They are not included in the United States GDP, because they were not produced within
the borders of the United States.
Economics
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Internal balance describes
A) equilibrium in the goods market. B) a desired level of trade or capital flows. C) where the IS and BP curve intersect. D) a domestic rate of growth consistent with a low unemployment rate.
Economics
Technological advance improves productive efficiency by:
A. lowering average total cost. B. increasing marginal utility. C. enhancing monopoly power. D. giving society a more-preferred mix of goods and services.
Economics