Which of the following summarizes the transactions involving the international exchange of goods and services, transfers, military transactions, and other miscellaneous transactions?
A. Capital account
B. Balance of trade
C. Statistical discrepancy
D. Current account
D. Current account
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Hold the prices of goods, as well as Amy’s preferences, constant. If Amy’s income increases, then
a. both her indifference curves and budget constraint change. b. her indifference curves change, but her budget constraint does not change. c. her budget constraint changes, but her indifference curves do not change. d. neither her indifference curves nor her budget constraint change.
The figure above shows the market for milk. If 250 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $3.25 D) minimum; $3.25
Government debt which pays for ________ is a burden in that it yields no ________ benefits
A) hospitals, future B) ammunition for military target practice, current C) Social Security benefits, future D) public universities, current
Suppose a policy change generates $90,000 of benefits for low-income families and $150,000 of costs for high-income families. We can best describe the change as
A. Pareto efficient. B. potentially efficient. C. inefficient. D. equitable.