An example of an import of a service in the U.S. balance of payments would be when
A. a U.S. resident buying insurance from a firm in Toronto.
B. a U.S. firm purchases 100 shares of a Dutch firm.
C. an U.S. resident purchases a Japanese stereo.
D. a Norwegian traveling in the United States rides a trolley car in San Francisco.
Answer: A
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Refer to the following graph.
The marginal utility curve associated with this total utility curve is:
A. a flat line with a slope of zero. B. a downward-sloping curve. C. an upward-sloping curve. D. indeterminate.
To move along a production possibilities curve from one point to another requires additional resources
Indicate whether the statement is true or false
A U-shaped long-run average cost curve implies that a firm faces only diseconomies of scale.
Answer the following statement true (T) or false (F)
A network externality occurs when:
A. a firm has a patent. B. the value of a product to a consumer increase with the number of other consumers who use it. C. a firm has large economies of scale. D. the value of a product to a consumer requires another product.