The current account is the sum of ________
A) net exports, net factor income from abroad and net transfers from abroad.
B) consumption, investment, and government expenditure
C) net exports and net investment from abroad
D) net exports and net transfers from abroad
A
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Which of the following is a necessary feature of the notion of the market as a competitive process and the model of perfect competition?
A) Freedom of entry B) Price taking behavior C) Perfect and complete information D) All firms produce identical products. E) All of the above.
The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers have little scope for educating consumers d. demand for the product is decreased with some consumer education
A sandwich shop has six months left on its lease to its storefront and equipment and currently employs three workers who work on an on-call basis, with no contract. Ingredients are bought daily. How long is the long run for the sandwich shop?
A. A year, the typical term for long run, as there is nothing unusual about this business B. The long and short run are the same in this case C. Six months, after which all inputs listed become variable D. None of these is true.
Which of the following is true? I. A rational choice is always made in the pursuit of social interest. II. Economics is a social science. III. Economists try to understand how the economic world works by testing positive statements.
A. A rational choice is always made in the pursuit of social interest. B. ii and iii C. only i D. only ii E. only iii F. i and ii Reset Selection