The goods and services that count toward GDP are:
A. defined in terms of the location of production, not the citizenship of the producer.
B. anything produced by a nation’s citizens, regardless of who owns it.
C. citizens producing things no matter where they produce it.
D. things like stocks and bonds issued by a corporation.
A. defined in terms of the location of production, not the citizenship of the producer.
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In the figure above, with no government involvement and if the colleges are competitive, how many students are enrolled?
A) 8 million per year B) 12 million per year C) 10 million per year D) 4 million per year
The Services sector has been steadily rising in relative importance in GDP of the United States, as well as elsewhere around the world. Since "services" have been identified as "non-tradable"
(e.g., it is difficult to export haircuts), it may be argued that this trend will likely slow the rapid growth in international trade. Discuss.