To economists, which of the following literally means the same thing as an outflow of financial capital?
a. trade surplus
b. trade deficit
c. current account surplus
d. current account deficit
a. trade surplus
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Entry continues as long as
A) economic profits are zero. B) accounting profits are positive. C) accounting profits are positive and economic profits are negative. D) economic profits are positive.
In which of the following is the problem of asymmetric information least likely?
A. a patient and an insurance provider B. a job applicant and a prospective employer C. an auto mechanic and a transient customer D. a retailer of used books and prospective customers
After 1975, the U.S. economy continued to experience high inflation ________
A) mainly because the public expected policymakers to continue their expansionary efforts, and this led to increases in inflation expectations B) most likely of the cost-push kind C) until a very aggressive commitment to anti-inflationary monetary policy helped end this Great Inflation period D) all of the above E) none of the above
Which of the following statements is NOT a reason that the cost of a college education is greater for the low-productivity group than for the high-productivity group?
A) The wages they give up by going to college instead of working will tend to be higher for them. B) They may have to pay for tutoring services or other extra help to accomplish the same educational goal. C) They may have to take remedial classes, which would increase the length of time it takes to accomplish the same goal. D) Even if they take no remedial classes, they may have to spend more time studying for each class, and the value of their leisure time needs to be considered in the calculation. E) Based on previous signaling, such as from their high school grades or SATs, they may receive less merit-based financial assistance, and thus be under a greater financial strain during their college years.