Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________
A) exports; foreign countries; the United States B) exports; the United States; the United States
C) imports; foreign countries; the United States D) imports; foreign countries; foreign countries
C
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The difference between a firm's total revenue and its total opportunity cost is the firm's
A) normal profit. B) economic profit. C) marginal profit. D) marginal revenue.
Refer to Figure 4-15. What is the size of the per-unit tax?
A) $2 B) $5 C) $7 D) $12
What is the basic motive for asset trade?
A) the belief that large risks will lead to large returns B) restoration of the balance of payments C) portfolio unification D) economic stability E) increase expected returns and reduced risk
In monopolistic competition, the long-run equilibrium results in zero economic profit of the firms in these industries. The key factor in this is
A. differentiated products. B. freedom of entry into and exit from the industry. C. price discrimination. D. brand names.