The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is
A. the balance of income statement.
B. the balance of payments.
C. the balance of trade.
D. the trade deficit.
B. the balance of payments.
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According to the figure above, which of the following events will increase the quantity demanded of bottled water?
A) a fall in the price of soda B) a rise in the price of a fitness club membership C) an increase in the number of buyers of bottled water D) a fall in the price of bottled water E) a rise in the price of bottled water
A firm that conducts business all over the world is called a(n)
A. multinational corporation. B. international conglomerate. C. competitive corporation. D. government-owned business.
Which term represents a situation in which all firms earn zero economic profits producing the output level where P = MR = MC and P = AC?
a. Perfect competition b. Marginal revenue c. Long-run equilibrium d. Shut-down point
If the U.S. real exchange rate with Japan is greater than 1, then U.S. goods are relatively cheap
a. True b. False Indicate whether the statement is true or false