The balance of payments is:
a. the difference between the dollar value of exports and the dollar value of imports.
b. the same as the merchandise account.
c. a summary statement of all international trade transactions of one country with the rest of the world.
d. a summary statement of all domestic exchanges of goods and services between producers and buyers.
e. a record of the amount of U.S. dollars held abroad.
c
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Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the economic profit in thousands of dollars for a high-price or a low-price strategy. Firm X? High PriceLow PriceFirm YHigh priceA = $625A = $725??B = $625B = $475?Low priceA = $475A = $400??B = $725B = $400If both firms operate independently and do not collude, the most likely economic profit is
A. $625,000 for firm X and $625,000 for firm Y. B. $475,000 for firm X and $725,000 for firm Y. C. $400,000 for firm X and $400,000 for firm Y. D. $725,000 for firm X and $475,000 for firm Y.
For which of the following variables should a "two tail" t-test be applied?
A) PA B) I C) PB D) Should be applied for all.
Which of the following is not correct?
a. Markets allocate scarce resources with the forces of supply and demand. b. The equilibrium of supply and demand is typically an efficient allocation of resources. c. Governments can sometimes improve market outcomes. d. Externalities cannot be positive.
(Consider This) According to the Coase theorem:
A. government should levy excise taxes on firms that generate spillover or external costs. B. taxes should be levied such that they change private behavior as little as possible. C. private individuals can often negotiate their own resolution of externality problems, without the need for government intervention. D. private firms should not provide public goods.