A country's financial account includes which of the following?
a. net investment income
b. net transfers
c. exports
d. imports
e. sales of assets to other countries
Ans: e. sales of assets to other countries
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When a monopsony hires an additional worker, it must pay the new worker's wages and it bids up the wages of all workers. This fact implies that the monopsony's
a. marginal labor cost is greater than the wage rate. b. demand curve for labor is perfectly elastic at the going market wage. c. marginal revenue product of labor is equal to the wage rate. d. labor usage is greater than that of a firm that is competitive in the labor market.
In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Following this removal, there was a 12.5 percent fall in prices of fresh fish. From this, it can be deduced that the
A. demand curve for fish shifted to the left. B. demand curve shifted to the right. C. supply curve shifted to the left. D. supply curve shifted to the right.
A narrow bid-asked spread indicates that a security has
A) small price fluctuations. B) high liquidity costs. C) low transaction volume. D) a thin market.
If the relative market price of producing cotton is more than the opportunity cost of producing it in the South,
(a) the market price of cotton will fall in the long run. (b) producers will increase the supply of cotton in the long run. (c) resources will flow away from the production of cotton, causing the supply of it to decline with the passage of time. (d) the situation will remain unchanged as long as supply and demand remain in balance.