Current account transactions are all payments that are related to the purchase or sale of
A) goods only.
B) services only.
C) goods and services only.
D) goods and services excluding government purchases.
Answer: C
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Which of the following statements characterizes perfect competition?
a. Producers enjoy complete freedom of entry and exit from the industry. b. Producers sell differentiated products. c. Producers are price makers. d. Consumers are price makers. e. The firm is not free to choose the quantity that it wishes to produce.
Which is not considered an “anticompetitive practice”?
A. Firms threaten to destroy competitors through innovation. B. A firm forces competitors to compete on prices. C. A firm prevents the entry of new rivals. D. Firms share intellectual property that may be helpful for research and development.
If duopoly firms that are not colluding were able to successfully collude, then
a. price and quantity would rise. b. price and quantity would fall. c. price would rise and quantity would fall. d. price would fall and quantity would rise.
If short-run equilibrium output equals 10,000, the income-expenditure multiplier equals 5, the mpc equals 0.8, and potential output (Y*) equals 9,000, then taxes must be ________ by approximately ________ to eliminate any output gap.
A. increased; 250 B. increased; 200 C. decreased; 250 D. decreased; 200