In the foreign exchange market, the quantity supplied of dollars is 300 whereas the quantity demanded of dollars is 500 results in a:
A) balance of payments surplus of 200.
B) balance of payments deficit of 200.
C) balance of payments surplus of -200.
D) balance of payments deficit of -200.
A
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Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.
Figure 4-23
Refer to . In which market will the tax burden be most equally divided between the buyer and the seller?
a.
market (a)
b.
market (b)
c.
market (c)
d.
All of the above are correct.
Refer to Figure 23.6 for a perfectly competitive firm. Assuming that points A, B, C and D are all above AVC, this firm will maximize profits by producing the level of output that corresponds to point
A. C. B. D. C. A. D. B.
Critics of the National Collegiate Athletic Association (NCAA) argue that the NCAA monopolizes college athletics and prevents student-athletes from earning money while in college. If this is true, what type of entry barrier does the NCAA have?
a. control of a scarce resource or input b. economies of scale c. a patent d. a copyright