The balance of payments is
A) a summary record of the financial transactions of a country's government with foreign governments.
B) a summary record of a country's imports and exports of goods with foreign residents and governments.
C) a summary record of a country's economic transactions with foreign residents and governments.
D) a summary record of a country's purchases and sales of goods and services in the world market.
Answer: C
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A reduction in the price charged for luncheon specials by a downtown cafeteria will
A) affect the demand (curve) for that cafeteria's luncheons if its competitors react. B) have no effect on the demand for lunch at other downtown restaurants. C) increase the cafeteria's gross revenue from lunch business. D) increase the cafeteria's net revenue from lunch business if the demand is elastic. E) increase the cafeteria's net revenue from lunch business if the demand is inelastic.
Price discrimination
A) eliminates the producer surplus. B) turns consumer surplus into producer surplus. C) decreases output below the profit-maximizing level. D) lowers a monopoly's economic profit.
"Captured" regulators end up doing exactly what the regulated industry wants
a. True b. False
Suppose Russia exports sunflower seeds to Ireland and imports coffee from Brazil. This situation suggests
a. Russia has a comparative advantage over Brazil in producing coffee, and Ireland has a comparative advantage over Russia in producing sunflower seeds. b. Russia has a comparative advantage over Ireland in producing sunflower seeds, and Brazil has a comparative advantage over Russia in producing coffee. c. Russia has an absolute advantage over Ireland in producing sunflower seeds, and Brazil has an absolute advantage over Russia in producing coffee. d. Russia has an absolute advantage over Brazil in producing coffee, and Ireland has an absolute advantage over Russia in producing sunflower seeds.