An accounting identity is
A. special drawing rights.
B. when the balance of payments is running a surplus or deficits.
C. when the balance of trade is in surplus or deficit.
D. an expression of values that are equivalent by definition.
Answer: D
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In April 2017, the U.S. unemployment rate was highest for
A) whites. B) Hispanics. C) high school dropouts. D) African Americans. E) Asians.
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. If the price of a hamburger increases from $6 to $8, the price elasticity of demand equals ________. Use the midpoint formula.
A. -0.24 B. -1.0 C. -1.4 D. -2.0
Many economists do not believe that network externalities lock consumers into the use of products that have technology inferior to other, similar products. These economists believe that
A) consumers are always rational. B) in practice, the gains from using a superior technology exceed the losses consumers incur from switching costs. C) there is no good evidence that switching costs exist. D) the government will prevent products with inferior technology from being sold to consumers.
According to the theory of demand,
a. a change in the consumer’s income or wealth changes the entire demand relationship b. the consumer’s willingness to pay is also called the demand price c. demand price measures the marginal benefit (MB) of consuming another unit of the good d. a change in product price changes quantity demanded e. all of the above