The official settlements account contains data on
A) trade complaints that are officially settled.
B) capital imports and exports.
C) official reserves.
D) officials' expenses.
E) official governmental complaints between countries.
C
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The statement “Resources employed in producing X are better suited to making Y” is another way of saying resources
A. are specialized. B. are scarce. C. are used inefficiently. D. are unproductive. E. have no opportunity cost.
Economists define the labor force to include
A) people who are working. B) only people who are working full time. C) people who are not working but are actively looking for a job, and people who are working. D) all individuals of working age, regardless of whether they are working or looking for a job.
According to Marx, which of the following factors of production did not contribute anything of value to production?
A) capital B) entrepreneurship C) natural resources D) labor
Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
A. financial capital market B. circular flow diagram C. financial investment market D. Specialization Model