Which of the following are the constituents of the Balance of Payments?
(a) Current account, primary account and general balance.
(b) Current account, capital account and financial account.
(c) Trade account, merchandise account and overdrafts.
(d) Financial account, income tax and VAT.
Answer: (b) Current account, capital account and financial account.
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An increase in total planned real expenditures that is caused by a factor other than the price level will lead to the
A) aggregate demand curve shifting to the right. B) aggregate demand curve shifting to the left. C) aggregate supply curve shifting to the left. D) aggregate supply curve shifting to the right.
Objective probabilities are based on ________ and ________ frequencies.
A) educated guesses; popular B) educated guesses; relative C) data; popular D) data; relative
The four categories of investment expenditures are
a. producer’s durable equipment and software, new nonresidential structures, changes in inventories, and residential structures. b. producer’s durable equipment and software, new nonresidential structures, consumer’s durable equipment and structures, and residential structures. c. producer’s durable equipment and software, new nonresidential structures, consumer’s durable equipment and structures, and residential structures. d. consumer’s durable equipment and structures, new nonresidential structures, changes in inventories, and residential structures.
In the short run, costs that arise from resources that cannot vary in quantity are known as ____________, whereas costs from inputs that can vary in quantity are known as ____________
a. fixed costs; variable costs b. explicit costs; implicit costs c. opportunity costs; variable costs d. fixed costs; opportunity costs e. variable costs; fixed costs