Last year residents of Country A purchased $600 billion of foreign assets. Foreigners purchased $425 billion dollars of assets and $375 billion of goods and services from country A. What was the value of Country A's imports?
The value of Country A's imports were $200 billion.
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Although a corporation that is owned by its member banks, the Federal Reserve System
A. reports directly to the president in an annual report. B. is quite independent of them, and they receive almost none of the Fed’s profits. C. is administered by Congress and all its profits are distributed to the member banks. D. turns all its profits over to the state governments of each district bank.
In a market with perfectly competitive firms, the market demand curve is usually ____ and the demand curve facing each individual firm ____.
A. upward sloping; horizontal B. downward sloping; horizontal C. horizontal; downward sloping D. downward sloping; downward sloping
Allocative efficiency occurs when price ______.
a. is above the ATC curve b. meets the ATC curve c. is less than marginal cost d. equals marginal cost
Scarcity in economics means:
A) not having sufficient resources to produce all the goods and services we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economists are clearly not doing their jobs.