The current account balance is defined as
A) the value of exports - the value of imports.
B) the amount of exported capital assets + net interest income.
C) the value of exports - the value of imports + net interest income + net transfers.
D) the difference between the import and export of official reserves.
C
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The cost of education, professional athletes’ pay, and medical services rise faster than the rate of goods and services because their average productivity has remained the same.
Answer the following statement true (T) or false (F)
Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) The harder it is for a variable input to be substituted for by other inputs.
A union requirement that a fireman has to be hired to work in a diesel locomotive would be an example of
A) work expansion. B) featherbedding. C) work requirements. D) work stabilization.
The LM curve illustrates that when income increases, the
A. real interest rate on nonmonetary assets must increase to clear the goods market. B. price level must increase to clear the goods market. C. real interest rate on nonmonetary assets must increase to clear the asset market. D. price level must increase to clear the asset market.