Payments to nonowners of a firm are called:
a. implicit costs.
b. accounting costs.
c. explicit costs.
d. economic costs.
a
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Economists assume that individuals make informed decisions and act in their own self-interest
Indicate whether the statement is true or false
One company that retained its monopoly position for years through control of raw materials was
a. Aluminum Company of America (ALCOA). b. Procter & Gamble. c. Ford Motor Company. d. U.S. Steel.
Which statement about the United States at present is false?
A. We have the world's largest economy. B. The United States' federal deficits have been at record highs for the last few years. C. The Social Security and Medicare trust funds are safe for at least the next two generations. D. We are borrowing almost $2 billion a day from foreigners to finance the United States' trade and budget deficits.
The current account balance is equal to
A. Trade balance + services balance + capital account balance. B. Total payments made by residents of the United States to foreigners plus total payments made by foreigners to residents of the United States. C. Trade balance + unilateral transfers + net investment income. D. Trade balance + services balance - capital account balance.