Direct investment and security purchases are included in
A) current account items.
B) capital account items.
C) basic balance account items.
D) unilateral transfers.
B
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An economy of 25 million people has twenty percent of them engaged in research and development, where their productivity is 0.0056. The economy is on a balanced growth path, when suddenly a wave of immigration raises the population to 27 million
Assume that the new workers are immediately "on the job," and that the fraction engaged in R&D remains twenty percent. For the one period that begins with this population increase, the growth rate of output per person is ________. [Refer to the instruction above.] A) 4.3% B) 1.8% C) 3% D) 8%
If firms in monopolistic competition are earning short-run profits,
a. barriers to entry will allow the profits to continue in the long run. b. total supply in the market will decrease in the long run as firms reduce output to keep prices high. c. the entry of new firms will eliminate the profits in the long run. d. each existing firm will experience an increase in its average revenues in the long run.
Exhibit 21-1 Production possibilities curves
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In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Nabia the cost of producing one more unit of wheat is equal to:
A. 4 units of corn. B. 4 units of wheat. C. 1/4 unit of corn. D. 15 units of corn.
An economic model is a detailed version of an economic environment.
Answer the following statement true (T) or false (F)