From the point of view of the United States, exports are
A. goods and services produced in foreign countries and sold in the United States.
B. goods and services produced in foreign countries by U.S. companies.
C. goods and services produced in foreign countries by foreign companies.
D. goods and services produced in the United States and sold outside the United States.
Answer: D
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Opportunity cost is illustrated in a production possibilities frontier (PPF) by a movement
A) from the region within the PPF to a point on the PPF. B) from the region within the PPF to the region outside of the PPF. C) from the region outside of the PPF to a point on the PPF. D) along the PPF where to gain more of one good it is necessary to give some of another good.
The inverse relationship between quantity demanded and price of a good or service can be explained, in part, by
A. a shift in the demand curve. B. diminishing marginal utility only. C. the real income effect. D. diminishing marginal utility and the rule of equal marginal utilities per dollar.
In a progressive tax system
A) the marginal tax rate and the average tax rate are the same for every income level and the same as income increases. B) the marginal tax rate increase as income increases but the average tax rate does not change as income increases. C) the marginal tax rate and the average tax rate increase as income levels increase and the marginal tax rate exceeds the average tax rate. D) the marginal tax rate and the average tax rate decrease as income levels increase and the marginal tax rate is less than the average tax rate.
To economists, which of the following literally means the same thing as an outflow of financial capital?
a. trade surplus b. trade deficit c. current account surplus d. current account deficit