Compensation sent back to family in the home country by recent emigrants is known as
A. outsourcing.
B. remittances.
C. capital flight.
D. transaction costs.
Answer: B
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The difference between the value of the goods a country exports and the value of the goods a country imports is the country's
A) balance of trade. B) capital account balance. C) current account balance. D) financial account balance.
A decrease in the price of a resource would cause
a. producers to substitute other inputs for the resource. b. the cost of products made from the resource to fall. c. producers to use more of the resource. d. none of the above. e. both b and c above.
Figure 5-11
In Figure 5-11, a consumer is initially at point A. There is a price change and she moves to B. It follows that
a.
the demand for beer follows the law of demand.
b.
the demand for beer does not follow the law of demand.
c.
wine is an inferior good.
d.
the consumer is confused.
In the following graph, the price of labor is $15 per unit. The minimum cost of producing 1,000 units of output is:
A. $1,800 B. $ 150 C. $ 450 D. $ 600 E. none of the above