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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To move along a production possibilities curve from one point to another requires additional resources
Indicate whether the statement is true or false
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.
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.