U.S. gross domestic product is converted to U.S. gross national product by
a. adding the value of output produced by U.S.-owned resources in foreign countries.
b. subtracting the value of output produced by U.S.-owned resources in foreign countries.
c. subtracting the value of output produced in the United States by foreign-owned resources.
d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.
d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.
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Why might developing countries hesitate to accept the conclusion that countries should specialize according to their comparative advantage? What dynamic gains might offset their objections?
What will be an ideal response?
Currency stabilization policy is:
A. successful only if the government can identify the long-run equilibrium value of the exchange rate. B. successful only if the government does not attempt to affect market expectations. C. never successful. D. always successful.