Refer to the scenario above. Earthland's current account would show a balance of ________
A) -$10 billion B) $10 billion C) -$4 billion D) $14 billion
B
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The government's profit from issuing fiat money is known as
A) seigniorage. B) menu costs. C) commodity profit. D) tax distortions.
The short-run profit-maximizing output level for a monopolistically competitive firm is the point at which
A) P = ATC. B) MR = MC. C) MR > P. D) MR > ATC.
In the expression for present value of benefits (PVB), ?(bt/[1+rs]t), with bt= Bt/(1 + p)t,
a. bt represents incremental nominal benefits b. Bt represents incremental real benefits c. bt represents incremental real benefits d. p stands for the opportunity cost of money
Voluntary exchange
A. is usually beneficial to one party, but not the other. B. is always beneficial to both parties. C. is occasionally beneficial to both parties. D. occurs only between nations, not between individuals.