Which of the following shows the net difference between how much Americans forgave in debts owed to them by foreigners compared with how much foreigners forgave debts owed to them by Americans?
A. Current account
B. Capital account
C. Financial account
D. Net transfers
B. Capital account
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An increase in Todd's wealth from $2 million to $4 million raises his utility from 400 units to 500 units. If he has a utility of wealth curve with the typical shape showing risk aversion, then with a wealth of $6 million his utility might be
A) 500 units. B) 570 units. C) 600 units. D) 620 units.
Other things equal, advances in technology make resources more productive
a. True b. False Indicate whether the statement is true or false
Suppose you are producing where MC = AVC = $3 and this is loss minimizing. If market reports predict that the price of your product will reach a long-run equilibrium level that is $4 higher than it is today, you should
a. increase output in advance of the expected price increase b. remain in business c. shut down d. remain in business only if your most efficient production level has an average total cost less than or equal to $7 e. shut down until the price increases, then get back in business
If one is on the contract curve
A. further beneficial trades can occur. B. no further voluntary trade will occur. C. the indifference curves of both consumers are crossing. D. the allocation is not Pareto optimal.