The balance of trade is derived by subtracting merchandise imports from merchandise exports
Indicate whether the statement is true or false
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A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10 . The MU of the last unit of B consumed is:
a. 50. b. 5. c. 2. d. 20. e. cannot determine from this limited information
If a corporation cannot pay its debts, creditors cannot seek payment from shareholders' personal wealth
a. True b. False Indicate whether the statement is true or false
A country is likely to have a comparative advantage in a land-intensive activity if it has a:
A. large amount of capital equipment relative to its population. B. large population relative to its landmass. C. lot of land relative to its population. D. higher opportunity cost of producing technology.
GDP calculations tend to exclude all of the following EXCEPT:
A. illegal transactions. B. environmental quality. C. work that people do for themselves in their own homes. D. salaries paid to government employees.