The account that records a nation's foreign economic transactions is called the
a. trade account.
b. T account.
c. exchange market.
d. balance of payments.
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An appreciating yen makes Japanese products
A) more expensive in both foreign markets and the Japanese market. B) more expensive in foreign markets. C) more expensive in the Japanese market. D) less expensive in foreign markets.
Forecasts based on an economic theory as opposed to historical data are called
A) causal econometric forecasts. B) non-time-series forecasts. C) dummy forecasts. D) explanatory variable forecasts.
Total surplus is in which type of market will be highest?
A. Perfect competition B. Monopoly C. Equally in perfect competition and monopoly D. Natural monopoly
Ben is a consumer of Gouda cheese. An increase in the price of Gouda forces Ben to purchase a cheaper quality cheese. This is an example of the: a. wealth effect
b. alternative effect. c. income effect. d. substitution effect.