The balance of payments is an accounting statement that shows, between one nation and the rest of the world, the
a. total values of goods, services, and payments flows.
b. value of payments flows only.
c. value of goods and services flows only.
d. value of international investments flows only.
a. total values of goods, services, and payments flows.
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A major distinction between a monopolistically competitive firm and an oligopolistic firm is that
A. one is a price taker and the other is a price maker. B. one necessarily faces a downward-sloping demand curve and the other a horizontal demand curve. C. one always produces differentiated products and the other always produces a homogeneous product. D. a recognized interdependence exists between firms in one industry but not in the other.
If a small change in the x variable results in a large change in the y variable, the curve will be
A) positively sloped. B) negatively sloped. C) stee
The value of money is based on
a. the amount of gold backing the money. b. its designation by the government as legal tender. c. the level of interest rates. d. the goods and services that a given amount of money will buy.
Which of the following statements is false?
a. If total utility rises, so must marginal utility. b. If marginal utility falls, so must total utility. c. If marginal utility rises, so must total utility. d. If total utility falls, marginal utility is negative.