The capital account of the balance of payments consists of
A. the long-term transactions that we conduct with foreigners.
B. all the goods and services produced during the current year, which we buy from or sell to foreigners.
C. the interest, dividends, and profits that the U.S. collected from foreign investments less what U.S. firms paid foreign investors.
D. None of these statements are true.
A. the long-term transactions that we conduct with foreigners.
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If the nominal gross domestic product (GDP) for a particular year is $4 trillion and the real GDP for that year is $3 trillion, then the GDP price index is 133
a. True b. False Indicate whether the statement is true or false
The slope of the consumption function is equal to: a. the MPC
b. the MPS. c. 1/(1 - MPC). d. MPC - MPS.
In a competitive market economy, a resource in short supply will be allocated
a. so that each firm gets enough to keep producing some portion of its output. b. according to how much each firm purchased before the shortage. c. to those firms that can make the most profitable use of it. d. by government fiat.
What is an economic theory or model? What constitutes a "good" economic theory or model?
What will be an ideal response?