The balance of trade includes
a. all debit and credit items.
b. all merchandise, services, and capital transactions.
c. only merchandise exports and imports.
d. only service transactions.
c. only merchandise exports and imports.
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In the above table, the marginal revenue from the fourth unit of output is
A) $30. B) $147. C) $150. D) $180.
The long run is the period of time during which: a. real wage is exactly equal to nominal wage. b. inflation is zero
c. excess aggregate demand leads to a shortage. d. real wages are constant. e. all resource prices can be varied.
Mercosur is a trade agreement between nations
A) in Southeast Asia. B) in South America. C) in South Africa. D) in Southern Europe.
Which of the following describes a positive externality?
A) John Henry paints the outside of his house in order to increase its market value just before he puts the house up for sale. B) People who do not attend college still benefit from others who receive a college education. C) The government imposes a tax on cigarettes in order to discourage smoking among teenagers. D) Mary volunteers to drive her neighbor's children to soccer practice.