Because of the problem of scarcity, each economic system must make which of the following choices?
a. How to produce? b. What to produce?
c. For whom to produce? d. All of these.
d
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An American buys a Japanese car, paying by writing a check on an account with a bank in New York. How would this be accounted for in the balance of payments?
A) current account, a Japanese good import B) current account, a U.S. good import C) financial account, a U.S. asset import D) financial account, a U.S. asset export E) a current account as a U.S. good import and a financial account, a U.S. asset export
In a one-period economy, all of the following are equivalent expressions of the budget constraint except
A) C = w(NS + l) + ? - T. B) C = wNS + ? - T. C) C = w(h - l) + ? - T. D) C = wl = wh + ? - T.
The price of good A goes up. As a result, the demand for good B shifts to the left. From this we can infer that:
A) good A is used to produce good B. B) good B is used to produce good A. C) goods A and B are substitutes. D) goods A and B are complements. E) none of the above
Which of the following is(are) indexed to inflation?
A. Standard deduction B. Employer contributions to pensions C. Gifts and inheritances D. None of the answer options are correct.