Last year a country had exports of $100 billion, imports of $70 billion, and purchased $60 billion worth of foreign assets. What was the value of domestic assets purchased by foreigners?
a. $70 billion
b. $40 billion
c. $30 billion
d. $10 billion
c
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In setting the price of its product, a monopolistic competitor sets the price equal to its marginal cost plus an amount called the
A) markup. B) profit. C) rent. D) menu cost.
The establishment of "right-to-work" laws came about with the passage of the
A. Sherman Antitrust Act. B. Taft-Hartley Act. C. National Labor Relations Act. D. Landrum-Griffin Act.
The natural rate of unemployment
A. increases during recessions. B. equals the sum of frictional and cyclical unemployment. C. equals the sum of frictional and structural unemployment. D. is always less than full employment rate of unemployment.
In building a model to analyze economic situations, one of the important assumptions is
A. cognitive dissonance. B. conversion abstraction. C. scarcity. D. ceteris paribus.