The narrowest balance of payments measure is the:
a. Financial account.
b. Current account.
c. Balance on goods and services.
d. Trade balance
.D
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A firm selling in a price-takers' market
A) can reduce its price without thereby lowering its marginal revenue. B) can reduce its price without thereby lowering its total revenue. C) faces a perfectly elastic demand curve. D) has marginal costs equal to marginal revenue at all levels of output.
Who controls a partnership?
A) bondholders B) the owners C) stockholders D) employees
People consume more fresh fruit in the summer than during the rest of the year, yet the prices of fresh fruit are lower in the summer than in other seasons. What accounts for this?
A) Fresh fruit is not subject to the law of supply. B) The supply of fresh fruit increases in the summer. C) Fresh fruit is an inferior good. D) Fresh fruit is not subject to the law of demand.
Kate takes a part-time job and the sacrifice of study time causes her grade point average to fall from 3.5 to 2.9 . Assume that the grade point average would have stayed at 3.5 if study time had not been reduced. The opportunity cost of having taken the job is the
a. cost of tuition b. 3.5 grade point average c. 0.6 decrease in the grade point average d. 2.9 grade point average e. money earned from the part-time job