The current account records
a. last year's flows of funds into and out of the country
b. current flows of imports and exports of goods and services, net income earned by U.S. residents from foreign assets, and net transfer payments
c. current flows of imports and exports of goods only
d. only net income earned by U.S. residents from foreign assets
e. only current flows of imports and exports of goods and services and net transfer payments
B
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Justin has a part-time job and earns $50 per week. He spends his entire income on two goods: Hamburgers (which cost $2 each) and movie rentals (which cost $3 each). Draw Justin's budget constraint
Suppose that Justin decides to purchase 10 hamburgers and rent 10 movies this week. Is this choice within Justin's opportunity set? Show this choice on your graph.
Which of the following countries is not an OPEC member?
A. Saudi Arabia B. Iran C. Venezuela D. Norway
When GDP and other national income accounts are measured in nominal values, then they
A. are not comparable because they are not in real terms. B. should be converted into money values before comparing them over time. C. are measured in real values. D. are measured in current market prices.
Which of the following occurs if the production of a good gives rise to positive externalities?
A) The marginal social cost curve lies to the right of the supply curve. B) The marginal social cost curve lies to the left of the supply curve. C) The marginal social benefit curve lies to the right of the demand curve. D) The marginal social benefit curve lies to the left of the demand curve.