Which of the following will be included as a unilateral transfer in the balance of payments account of a country?
a. Transportation costs involved in traveling from a foreign country to the domestic country
b. A foreign worker in the domestic country sending money to his home country
c. Compensation earned by foreign workers in the domestic country
d. Royalties paid to residents working in a foreign country
e. Income paid on foreign-owned investments in the domestic country
b
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Which of the following is most likely to be a variable cost of production in the short run?
A. Real estate taxes B. Rental payments on IBM equipment C. The interest on a business loan D. Fuel and power payments
Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise
Jon's demand curve for the good on the horizontal axis A) will shift left. B) will shift right. C) will not change. D) might do any of the above.
If the demand for housing increases and the supply of housing decreases:
A) price will go up and quantity will go down. B) price and quantity will both go up. C) price will increase, but the quantity change is indeterminate. D) the quantity will be higher, but the change in price is indeterminate.
A popular entertainer gives a concert in a 50,000 seat stadium. To give her fans a break, she charges only $50 a seat instead of the customary $75 a seat. At $75 a ticket, there would have been 50,000 tickets sold, and at $50, there are 80,000 people who want tickets. As a consequence of the generosity of the entertainer
A. another type of system will have to be found to allocate the tickets, making some of her fans better off and others worse off. B. her fans are made worse off since there is an excess demand of 30,000 tickets. C. her fans are made better off. D. a more fair system of pricing the tickets has been found.