If net interest and net transfers are $0, and a nation's purchases of foreign goods and services are $3.5 billion while its sales of goods and services to foreigners are $4.5 billion
A) it has a $1 billion surplus in its balance of payments.
B) it has a $1 billion deficit in its current account.
C) it has a $1 billion surplus in its current account.
D) its capital and financial account shows a surplus.
C
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Higher personal income taxes
A) increase aggregate demand. B) increase disposable income. C) decrease aggregate demand. D) both B and C
If the industry depicted in the graph comprises only one seller, the profit-maximizing price and quantity will be
A. P3 and Q3. B. P1 and Q3. C. P2 and Q2. D. indeterminate on the basis of the information given.
In deciding whether to build your own deck or hire it done, you should consider the economic concept of ____________________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is LEAST likely to be a reason for firms to form a cartel?
A) to maximize profits of the cartel B) to raise competition among firms in the cartel C) to cut back output of the cartel D) to set common prices among firms in the cartel