The balance of payments and the balance of trade are
a. exactly the same thing.
b. not exactly the same thing but are always equal.
c. two different and unrelated things.
d. two different things, but one is a part of the other.
d. two different things, but one is a part of the other.
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According to the BEA, in the second quarter of 2012 purchases of new residential structures rose by 8.9 percent. Using the expenditure approach, this change increases
A) gross private domestic investment. B) government expenditure on goods and services. C) net exports of goods and services. D) personal consumption expenditures.
Which of the following characterizes the market that Chipotle competes in?
A) "Fast-casual" restaurants sell identical products. B) All "fast-casual" restaurants face horizontal demand curves. C) Barriers to entry are low. D) There are a small number of firms.
The governmental interference with the market exchange often reduces the total surplus
a. True b. False Indicate whether the statement is true or false
The most prominent classical economist was
A. Karl Marx. B. Adam Smith. C. John Maynard Keynes. D. Milton Friedman.