When a U.S. company purchases $1 million worth of French cheese, the value of that transaction is recorded in the
A) current account.
B) capital and financial account.
C) transfer account.
D) investment account.
E) goods account.
A
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A monopoly which arises from significant economies of scale is referred to as a
A) monopolistic competitor. B) strategic resource monopoly. C) natural monopoly. D) patent monopoly.
The supply curve for milk
a. shifts when the price of milk changes because the price of milk is measured on the vertical axis of the graph. b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph. c. does not shift when the price of milk changes because the price of milk is measured on the horizontal axis of the graph. d. shifts when the price of milk changes because the quantity supplied of milk is measured on the horizontal axis of the graph.
In the classical view, all markets clear, except the labor market
a. True b. False
As the value of the yen falls relative to the U.S. dollar in the foreign exchange market
A. demand for Japanese goods will increase in the U.S. market B. Japanese goods become more expensive to U.S. consumers. C. the supply of dollars will fall. D. U.S. goods become less expensive to Japanese consumers.