If imports of goods are greater than exports of goods, the nation is experiencing a:
A. negative balance on current account.
B. goods trade deficit.
C. capital account imbalance.
D. weakening of its currency.
Answer: B
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In 2007, the U.S. sold $73 million of cigarettes to Iran. Iran paid for these cigarettes using
A) dollars. B) rials, the Iranian currency. C) euros. D) pounds.
The price elasticity of demand is
a. irrelevant to the determination of prices, incomes, and interest rates b. indeterminate in most cases c. the percentage change in price divided by the percentage change in quantity demanded d. the percentage change in price with respect to the percentage change in quantity supplied e. the percentage change in quantity demanded divided by the percentage change in price
Which of the following is an example of an implicit cost? (i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm (ii) interest paid on the firm's debt (iii) rent paid by the firm to lease office space
a. (ii) and (iii) only b. (i) and (iii) only c. (i) only d. (iii) only
During hyperinflations, people desire to hold less money and will go to the bank more frequently. This waste of resources due to the high rate of inflation is known as _____
Fill in the blank(s) with correct word