The value of production generated by a country's factors of production within the borders of foreign countries during a particular year was 51,000 and the production of foreign factors of production within the borders of the country during that year
was worth 80,000. Which of the following is likely to be true in this case?
A) The GDP of the country equals its trade balance. B) The GDP of the country is lower than its GNP.
C) The GDP of the country is higher than its GNP. D) The GDP of the country equals its GNP.
Question 2
Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. The reduction in the supply of Florida citrus fruit would tend to
A) shift the supply curve for Florida citrus fruit down and to the right.
B) increase the price of Florida citrus fruit.
C) increase the supply of California citrus fruit.
D) decrease the price of California citrus fruit.
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