A farmer in Mexico purchases a tractor made in the U.S. This purchase is an example of
a. a U.S. import and a Mexican export
b. a U.S. export and a Mexican import
c. an export for both the U.S. and Mexico
d. an import for both Mexico and the U.S.
b
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Suppose the following information describes the economy:Consumption3000Government Budget surplus500Government transfers and interest payments750Government tax collections1,750GDP6,000Public saving equals ____and national saving equals ________.
A. 500; 1,500 B. 1,250; 2,250 C. 750; 2,750 D. 500; 2,500
In both a monopolistically competitive market and a pure monopoly market, firms
A) can make long-run profits. B) set price greater than marginal cost. C) are protected by entry barriers. D) advertise extensively.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
A perfectly competitive firm is selling 300 units of output at $4 each. At this output level, total fixed cost is $100 and total variable cost is $500. The firm
A) is maximizing its profit. B) is earning a profit, but not necessarily the maximum profit. C) is experiencing an economic loss. D) should shut down.