Current account transactions are all payments that are related to the purchase or sale of
A) goods only.
B) services only.
C) goods and services only.
D) goods and services excluding government purchases.
C
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm makes the maximum profit when the marginal cost of last item produced equals
A) $5. B) $10. C) $15. D) $20.
In which one of these years was labor union membership the highest?
A. 1940 B. 1960 C. 1980 D. 1990
Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. Assume the market is initially at Point B and that pizza is a normal good. An increase in income would cause the market to move from Point B on demand curve D2 to
A. Point C on demand curve D2. B. demand curve D3. C. Point A on demand curve D2. D. demand curve D1.
After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that the production possibilities frontier for that area temporarily
A) shifted inward, toward the origin. B) shifted outward, away from the origin. C) became flatter. D) became steeper.