The major determinant of the current account is the
A. balance of trade.
B. exchange rates.
C. imports.
D. exports.
Answer: A
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The law of one price states
A) federal and state statutes that prohibit price discrimination. B) that identical products should sell for the same price everywhere. C) that all customers should pay the same price. D) government regulation of prices for all firms.
According to the graph shown, if the market is in equilibrium, producer surplus is area:
A. A.
B. A + B + C.
C. A + B + C + D + E.
D. D + E.
The process of taking advantage of market inefficiencies to earn profits is called:
A. arbitrage. B. technical analysis. C. a random walk. D. futures contracting.
When a 2 percent increase in the price of automobiles generates a greater than 2 percent decrease in quantity demanded, then
a. price elasticity of demand for automobiles is less than one b. total revenue increases c. demand is price inelastic d. demand is unit elastic e. total revenue decreases