The current account must necessarily always be in balance
Indicate whether the statement is true or false
FALSE
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The net gain to society from changing output from QC to QE is
Consider the following graph of the market for chemical solvents, production of which damages a waterbody used for recreation.
a. DG b. DEH c. DGH d. DEHG
The responsiveness of suppliers to changing prices is called the:
a. cross elasticity. b. supply elasticity. c. supply period. d. long-run. e. market-day.
The income to someone such as Lebron James is
a. mostly pure rent. b. composed of a payment necessary to induce him into employment plus economic rent. c. a return to a factor in fixed supply; there is only one of him. d. All of the above are correct.
Which of the following most accurately states the economic significance of voluntary exchange?
a. Goods and services have value because they exist; exchange causes some people to win while others lose. b. Exchange creates value because it makes it possible for the trading partners to expand total output as the result of specialization and division of labor. c. Exchange moves goods and services from people who value them more to parties who value the goods less. d. Exchange cannot create additional value because it does not create additional goods and services.