The major factor affecting a nation's balance of payments is
A. an increase in its rate of unemployment.
B. its stock market movements.
C. a change in the productivity of its labor.
D. its rate of inflation relative to the rate of inflation of its trading partners.
Answer: D
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"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant
Indicate whether the statement is true or false
If a monopoly is operating on the demand curve where price elasticity is equal to -3, and MR equals 2, then price is equal to
A) 3. B) 2. C) 1. D) 0.
One implication of goods being standardized in a market is:
A. the government regulations must promote competition and lower prices to be efficient. B. there are no information asymmetries. C. the similarity in products may be real or perceived. D. the market has a low degree of competition.
The slope of the indifference curve for goods X and Y is called the marginal:
a. product rate. b. rate of transformation. c. rate of substitution. d. rate of utility.