Which of the following is true?
a. The balance of payments is like a sources and uses of funds statement.
b. The balance of payments includes only transactions for which there are financial payments.
c. The balance of payments is calculated at a point in time (e.g., amounts at year's end).
d. None of the above is correct.
.A
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According to new growth theory
A) physical capital is nonexcludable. B) knowledge capital is subject to increasing returns. C) knowledge capital is rival and excludable. D) knowledge capital is excludable.
You want to invest in a firm whose profits show large fluctuations throughout the business cycle. Which of the following would you invest in?
A) A corporation that depends heavily on business fixed investment B) A corporation that depends heavily on consumer services C) A corporation that depends heavily on consumer nondurables D) A corporation that depends heavily on government purchases
A common assumption that economists make about the behavior of elected officials is that they try to
a. maximize the size of their government salaries b. maximize the size of their control over the budget process c. maximize the number of votes they receive in the next election d. minimize the government's expenditures in order to balance the budget e. conform to the wishes of special interest groups so that the government behaves as a single, consistent decision maker
An increase in long-run average costs resulting from increases in output is
A) attributed to economies of scale. B) attributed to diseconomies to scale. C) attributed to constant returns to scale. D) attributed to the law of diminishing marginal product.