The balance of trade is the value of:
A. exports minus the value of imports.
B. imports minus the value of exports.
C. total goods purchased by the U.S. from abroad.
D. total goods sold by the U.S. to parties abroad.
A. exports minus the value of imports.
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Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
Product differentiation complicates the study of oligopolies because such markets may not
a. be efficient. b. have prices equal to marginal cost. c. have free entry and exit. d. obey the law of one price.
The free rider problem is caused by the:
A. nonexcludability of a good leading to the undersupply of it. B. incentive to oversupply the good since it is nonrival in consumption. C. "rivalness" in consumption of a good leading to the overconsumption of that good. D. "rivalness" in consumption of a good leading to the undersupply of it.
The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years
a. True b. False Indicate whether the statement is true or false