The current flows of goods, services, investment income, and unilateral transfers between a country and the rest of the world is called the:
A) current account.
B) financial account.
C) national income product account.
D) none of the above.
A
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Your opportunity cost of attending a lecture on the number of brain cells lost by binge-watching episodes of Here Comes Honey Boo Boo is
A) zero, since you already know that binge-watching will kill all of your brain cells. B) the price of the ticket for the lecture. C) the value of attending a meditation class, which is your next-best alternative. D) the total value of all other options you could have chosen instead of going to the lecture.
If inflation was zero percent, nominal interest rates would be:
A. equal to real interest rate. B. larger than real interest. C. smaller than real interest. D. at the optimal rate.
A local playground equipment company plans to operate out of its current factory, which is estimated to last 30 years. All cost decisions it makes during the 30-year period
a. are long-run decisions. b. are short-run decisions. c. involve only maintenance of the factory. d. are zero because the cost decisions were made at the beginning of the business.
When considering perfect competition the absence of entry barriers implies that
A) no firm can enter the industry. B) firms can enter but cannot get out of the industry easily. C) all firms will earn economic profit. D) firms can enter and leave the industry without serious impediments.