The official settlements account of a country measures
A) the receipts from goods and services bought and sold and transfers to and from foreigners.
B) borrowing and lending between the country's residents and foreigners.
C) the net increase or decrease in the country's official reserves.
D) net transfer payments between the country's citizens and foreigners.
C
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Some individuals or families can become completely saturated with a service such as television. This suggests that
a. wants are limited b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services c. a highly productive economy may someday be able to satisfy all human desires d. resources are not truly fixed in supply as we generally assume e. scarcity does not exist
In the circular flow diagram, who owns the factors of production and consumes all of the goods and services produced?
Insurance:
A. reduces the risks inherent in life. B. increases a person's expected wealth. C. helps individuals avoid certain types of risk. D. None of these statements is true.
Relative to a single price monopolist, a price discriminating monopolist generates:
A. less total surplus. B. more total surplus. C. the same amount of total surplus, but less consumer surplus and more producer surplus. D. the same amount of total surplus, but more consumer surplus and less producer surplus.