The balance of payments is
a. the equilibrium result when two countries achieve purchasing power parity.
b. an account that records changes in exchange rates between two countries.
c. an account that records all economic transactions between a country and all other countries, usually within a year.
d. all of the above.
e. none of the above.
C
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. If Rogue's average total cost decreases as the business increases plant size, then Rogue experiences
A) economies of scale. B) diseconomies of scale. C) diminishing marginal returns. D) constant returns to scale.
Credit card balances are
A) part of M1. B) part of M2. C) part of M3. D) not part of the money supply.
The principal determinants of total and average cost curves are the firm's technology and the prices of its inputs
a. True b. False Indicate whether the statement is true or false
The formula for the cross-price elasticity of demand is percentage change in
A. quantity demanded of B/percentage change in income. B. quantity demanded of B/percentage change in price of A. C. quantity demanded of B/percentage change in price of B. D. price of B/percentage change in quantity demanded of A.