If, for the United States, exports are $450, imports are $320, net income from foreign investments is -$60, and net transfers from abroad is -$50, then the U.S. current account has a
A) deficit of $430. B) deficit of $110. C) surplus of $20. D) surplus of $130.
C
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The efficient output level of a public good occurs where the
A) greatest number of free riders occurs. B) marginal cost of producing the last unit is equal to the marginal benefit realized by consumers. C) marginal cost of production is minimized. D) total cost of production is affordable.
What is the opportunity cost of going from point E to point D?
A merit good is
A. A good or service that society believes everyone is entitled to a minimal quantity of. B. Income payments for which no goods or services are exchanged. C. A good society holds to a higher standard in tax regulations. D. A product that serves as an incentive to produce more output.
The imposition of a sales tax on jewelry would result in
A. an increase in demand for jewelry. B. an increase in the quantity demanded for jewelry. C. a reduction in the demand for jewelry. D. a reduction in the quantity of jewelry demanded.