When a U.S. importer buys 100,000 pairs of pants from a Hong Kong company, this transaction will represent a:
A. Credit on the current account of the U.S. balance of payments
B. Debit on the current account of the U.S. balance of payments
C. Credit on the financial account of the U.S. balance of payments
D. Debit on the financial account of the U.S. balance of payments
B. Debit on the current account of the U.S. balance of payments
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In a voluntary contribution game:
A. each member of a group makes a contribution to a common pool which benefits only the contributor, and this leads to alignment of individual and collective interests. B. each member of a group makes a contribution to a common pool which benefits everyone, and this leads to alignment of individual and collective interests. C. each member of a group makes a contribution to a common pool which benefits only the contributor, and this leads to a conflict between individual and collective interests. D. each member of a group makes a contribution to a common pool which benefits everyone, and this leads to a conflict between individual and collective interests.
Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of buying his books at the university bookstore instead of online is:
A. $175 B. $5 C. $170 D. $9
A television station reports that the price of coffee has increased but the quantity traded in the market has decreased. This situation would be caused by a(n):
A. Increase in demand B. Increase in supply C. Decrease in demand D. Decrease in supply
What is the economic way of thinking, and why is it important?
What will be an ideal response?