Goods and services purchased from international sources are
A. Net imports.
B. Imports.
C. Exports.
D. Net exports.
Answer: B
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When network effects are important, then an industry can experience
A) positive market feedback. B) prince-leadership. C) a zero-sum game. D) a vertical merger.
The perfectly competitive firm maximizes profits when
A) it produces and sells the quantity at which the difference between marginal revenue and marginal cost is the greatest. B) it produces and sells the quantity at which marginal revenue and marginal cost are equal. C) it produces and sells the quantity at which the difference between average revenue and average cost is the greatest. D) it produces and sells the quantity at which the difference between price and average cost is the greatest.
Suppose you are managing a 100 room hotel that has 5 empty rooms for tonight. The cost of operating your 100 room hotel for a night is $10,000 and the average cost is $100 per room. If the marginal cost of operating one room for one night is $30 and a customer is willing to pay $50 for the night, you should a. rent the room because the marginal benefit exceeds the marginal cost
b. rent the room because the marginal benefit exceeds the average cost. c. not rent the room because the marginal benefit is less than the marginal cost. d. not rent the room because the marginal benefit is less than the average cost.
GDP is the total market value of:
a. All expenditures on natural resources, labor, and capital goods in an economy in a given year b. All intermediate goods and services produced in an economy in a given year c. All final goods and services produced in an economy in a given year d. All expenditures on consumption, investment, and net exports in an economy in a given year