Expenditures for services such as tourism, income for foreign investment, and foreign gifts are tabulated in the:
a. official reserve account.
b. current account.
c. capital account.
d. goods account.
b
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Which statement is true of the market supply curve?
A. It is the horizontal summation of the upward sloping portion of the AVC function of all firms in the industry. B. One must know the marginal cost information of firms in order to construct a supply function. C. It is the vertical summation of all the individual supply curves. D. In perfect competition the slope of the curve is horizontal.
When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.
Which of the following is NOT correct concerning perfectly competitive firms in the long run?
A) Long-run economic profits are zero. B) Price equals minimum long-run average cost. C) Entrepreneurs earn the opportunity cost of their investment. D) The opportunity cost of capital is zero.
The portion of US debt owned by the Federal Reserve
A. dropped quickly from 2010 to 2015, from a peak in 2010. B. dropped to an all-time low in 2015. C. rose from around 6% to around 12% as a result of the Great Recession. D. continues to rise.