Which of the following is a current account transaction?
a. the purchase of a foreign engineering firm by a domestic investor
b. the import of shoes by a domestic retailer
c. a loan by a domestic bank to a foreigner
d. a loan by a foreign bank to a domestic manufacturer
B
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The law of diminishing marginal benefit explains why
A. addicts can never get enough. B. people will only consume their favorite goods and not try new things. C. demand curves slope downward. D. supply curves slope upward.
Which of the following influences does NOT shift the supply curve?
A) a rise in the wages paid workers who produce the good B) the development of new technology C) people deciding that they want to buy more of the product D) a decrease in the number of suppliers
Profit is the difference between:
a. total output and total costs. b. total revenue and total costs. c. total revenue and total sunk costs. d. total output and total sunk costs. e. total revenue and opportunity costs.
A tax on sellers will shift the
a. demand curve upward by the amount of the tax. b. demand curve downward by the amount of the tax. c. supply curve upward by the amount of the tax. d. supply curve downward by the amount of the tax.