In a nation's balance of payments, which one of the following items is always recorded as a positive entry?
A. Changes in foreign currency reserves
B. Purchases by foreign travelers visiting the country
C. Imports of goods and services
D. Military foreign aid supplied to allied nations
Answer: B
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If a life insurance company does NOT require a medical exam of its policyholders, it is most likely that the company
A) charges above-average premiums. B) charges below-average premiums. C) charges no premiums. D) has only very healthy policyholders.
Suppose the socially-optimal quantity of good x is 2,500 units and the market-equilibrium quantity of good x is 3,000 units. When 2,500 units of good x are produced, the
a. external cost of good x exceeds the private value of good x. b. external cost of good x equals the private value of good x. c. social cost of good x exceeds the private value of good x. d. social cost of good x equals the private value of good x.
As one moves down along a linear demand curve (i.e., from high price, low quantity pairs to low price, high quantity pairs), demand:
A. increases. B. becomes more elastic. C. becomes less elastic. D. decreases.
The accompanying figure shows a a single consumer's demand for ice cream at the student union.
During the summer, there are 300 students on campus. Each student's weekly demand for ice cream is shown above. When the price of ice cream is $2.00 per scoop, those 300 students purchase a total of ________ scoops per week from the student union.
A. 3,000 B. 1,500 C. 1,800 D. 1,200