Changes in U.S. citizens' holdings of long-term financial and physical assets in another country are reported in
A. the capital account.
B. total exports of goods and services.
C. the current account.
D. the trade balance.
Answer: A
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A person is calculating his permanent income by adaptive expectations. Last year's permanent income was 38,000, this year's actual income is 44,000, and j = 0.25. This year his permanent income is
A) 39,500. B) 42,500. C) 59,000. D) 20,500
Which of the following variables is measured only at a particular point in time and not over different time periods?
a. The unemployment rate b. Consumer income c. The federal government's debt d. The federal government's budget deficit e. Total expenditure
Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. An increase in supply. B. A decrease in supply. C. A decrease in demand. D. An increase in demand.
Answer the following statement true (T) or false (F)
1) A linear demand curve has a constant elasticity over the full range of the curve. 2) The greater the ease of shifting resources from product X to product Y in the production process, the greater is the elasticity of supply of product Y. 3) If the elasticity coefficient of supply is 0.7, supply is elastic. 4) Antiques tend to have highly inelastic supply curves.