The goods and services that count toward GDP are:
A. anything produced by a nation's citizens, regardless of who owns it.
B. defined in terms of the location of production, not the citizenship of the producer.
C. things like stocks and bonds issued by a corporation.
D. citizens producing things no matter where they produce it.
Answer: B
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Since 1950, recessions in the United States
A) have become less severe than before 1950. B) have become more severe than before 1950. C) are about as severe as they were before 1950. D) have not occurred.
Under the current managed float exchange rate regime, countries with balance of payments ________ frequently do not want to see their currencies ________ because it makes foreign goods more expensive for domestic consumers and can stimulate inflation
. A) surpluses; depreciate B) deficits; depreciate C) surpluses; appreciate D) deficits; appreciate