The difference between the value of a country's merchandise exports and merchandise imports is known as the balance
a. of payments.
b. of merchandise trade.
c. on current account.
d. on capital account.
B
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A competitive firm Select one:
a. and a monopolist are price makers. b. and a monopolist are price takers. c. is a price maker, whereas a monopolist is a price taker. d. is a price taker, whereas a monopolist is a price maker.
The emerging market economies are
A) the nations with the highest standards of living. B) most of the nations of Western Europe. C) in transition from state-owned production to free markets. D) the largest grouping including the nations of China and India. E) the nations that are currently agricultural in nature.
When the economy is going strong the:
A. demand for workers increases. B. supply of workers increases. C. demand for workers decreases. D. supply of workers decreases.
Until the 1940s economics tended to focus on deductive reasoning. This can be attributed to the:
A. laissez-faire approach to the economy. B. lack of computational power to analyze data. C. fact that inductive reasoning was viewed as obsolete. D. lack of quality economists.