The balance of payments is
A. the equilibrium result when two countries achieve purchasing power parity.
B. an account that records changes in exchange rates between two countries.
C. an account that records all economic transactions between a country and all other countries, usually within a year.
D. all of the above.
E. none of the above.
Answer: C. an account that records all economic transactions between a country and all other countries, usually within a year.
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Who should specialize in knitting scarves?
A. Natalia B. Alexandra C. Both Natalia and Alexandra D. Neither Natalia nor Alexandra
Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others. B) continuous adjustment of extremes to conform to the average. C) passing information up from below and instructions or commands down from above. D) sacrificing personal interest to the public or general interest. E) sacrificing the public interest to self-interest.
When a bank receives deposits,
A) it must hold the entire amount as reserves in case of withdrawal. B) the Fed requires it to hold only a small percentage as reserves. C) it and it alone decides how much it will hold as reserves. D) its liabilities increase in amount but its assets do not change. E) its assets increase in amount but its liabilities do not change.
When health care is made available to the poor without cost, the poor consume
A. more health care services than they otherwise would. B. the same health care services that they otherwise would. C. only the health care services essential for their survival. D. fewer health care services than they otherwise would.