A U.S. family flies from Boston to Shanghai on a China Airlines plane. This transaction is
A) considered an export of service in the U.S balance of payment accounts.
B) a deficit item in the balance of payment accounts of China.
C) Both of the above are correct.
D) none of the above.
Answer: D
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Fashion Buyers I A buyer for a department store must decide on which designs the stores will carry before he knows what the demand will be in the coming season. Choosing a poorly demanded design means lots of unsold merchandise and losses that are
$200,000 on average. Passing on a highly demanded design means unsold merchandise and missing out on profits that are $300,000 on average. What probability of a design's success should he be in order to choose to carry it?
When demand increases in a perfectly competitive market, the market price:
A. increases in the short run and falls in the long run. B. decreases in the short run and increases in the long run. C. increases in the short run and stays permanently higher in the long run. D. decreases in the short run and stays permanently lower in the long run.
Which of the following would not be a government transfer expenditure?
A. contribution of employers to support the Social Security program B. social security payments to the aged C. unemployment compensation benefits D. payments to the widows of war veterans
Mergers can sometimes be good for a market by allowing firms to take advantage of economies of scale.
Answer the following statement true (T) or false (F)