The record of all international financial transactions in which a nation has engaged over a year is known as the:
a. current account
b. capital account.
c. balance of payments.
d. the unilateral transfers balance.
c
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If a production function is represented as q = L? K?, the long-run average cost curve will be horizontal as long as
A) ? + ? = 0. B) ? + ? = 1. C) q > 0. D) L = K.
The payment for current rather than future command over resources is
A) an implicit cost. B) an implicit benefit. C) interest. D) opportunity cost.
If a 1 percent change in the price of a good causes a 1 percent change in the quantity demanded of that good, then the demand is said to be:
a. perfectly elastic. b. income elastic. c. unit-elastic. d. inelastic. e. perfectly inelastic.
Figure 17-10
Refer to . With the tariff, the domestic price and domestic quantity demanded are
a.
P1 and Q1.
b.
P1 and Q4.
c.
P2 and Q2.
d.
P2 and Q3.