Net exports of goods are known as
A) the balance of payments.
B) the merchandise trade balance.
C) the current account.
D) the financial account.
B
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The imposition of a quota ________ domestic production, ________ imports, and ________ domestic purchases
A) decreases; increases; decreases B) increases; decreases; increases C) increases; decreases; decreases D) decreases; decreases; decreases E) increases; increases; increases
If a government decides to move from a regressive tax system to a progressive tax system, there will be a(n) ________ in equity and a(n) ________ in efficiency
A) increase; increase B) decrease; decrease C) increase; decrease D) decrease; increase
Figure 5-16
Figure 5-16 shows Adam's purchases of bananas and apples when apples cost $5 each and bananas $4 each. The information implies that Adam's income
a.
must be $9.
b.
must be $20.
c.
must be $40.
d.
Adam's income cannot be determined without further information.
According to the law of diminishing marginal utility, the marginal utility for a particular product
A. decreases as more of the product is consumed. B. increases as more of the product is consumed. C. remains constant as long as the product is still considered useful. D. remains constant, regardless of how much of the product is consumed.