A summary of a country's economic transactions with foreign residents and governments is called the
A) current account balance.
B) capital account balance.
C) balance of trade.
D) balance of payments.
D
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A woman who decides to drive to work rather than take the bus
A) is wasting scarce resources. B) is behaving inefficiently. C) thinks driving is more economically efficient for her. D) is probably paying attention to personal comfort and convenience rather than economic efficiency.
If Allan lives in Boston and decides to buy a pair of hockey skates from Canada for $100, and the Canadian he bought them from buys a baseball hat and jersey for $100 from Boston, then the U.S. next exports:
A. and net capital outflow both equal ?$100. B. and net capital outflow are both zero. C. is zero and net capital outflow is ?$100. D. equals ?$100 and net capital outflow is zero.
When social costs of an activity exceed private costs
A) a market failure exists. B) there is a tendency for resources to be under-utilized. C) this means that resources are being efficiently used. D) the actual price is above the efficient price.
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Tom's budget constraint is AC. His choice set includes all points
A. along the vertical and horizontal axes. B. to the right of budget constraint AC. C. bounded by the area OAC. D. along budget constraint AC.