Which of the Following Would Be Included in U

question 32

Multiple Choice

Which of the following would be included in U.S.GNP but not in U.S.GDP?

• A)The tips received by a waiter in New Jersey.
• B)Auto parts produced by a Japanese-owned firm operating in North Carolina.
• C)Sales of used cars in the United States.
• D)Chipsets produced by U.S.-owned firms operating in China.

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Definitions:

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry for that good.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a certain period of time.

Fixed Cost

Fixed cost refers to expenses that do not change regardless of the business's level of output or sales, such as rent or salaries.

Long-Run Supply Curve

A curve that shows the relationship between market prices and quantities supplied over a period when all production inputs are variable.