A financial account surplus necessarily implies
A) a balance of payments surplus.
B) a current account surplus.
C) a current account deficit.
D) an increase in the nation's official reserve assets.
C
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A market often characterized by one-on-one bargaining is a(n) ________ market.
A. general B. informal C. formal D. specific
If a firm is a price taker in both the labor market and the output market, it will
A) earn zero economic profit in the short run. B) hire labor until the marginal product of labor equals zero. C) hire labor until the marginal revenue product equals the output price. D) hire labor until the marginal revenue product equals the wage rate.
Willie Stand obtains a patent on his new invention, the bipod. After twenty years,
a. he can renew his patent b. new entrants will begin bipod production if price exceeds average variable cost c. new entrants will drive up the price of the bipod d. Willie will eventually earn no more than a normal profit e. Willie will continue to earn a positive economic profit, because entry will not affect the price of bipods
The prices that are in the public's best interest will
a. always allow the regulated firm to break even. b. always allow the regulated firm to make positive economic profits. c. sometimes leave the regulated firm with economic losses. d. leave the regulated firm with profits that are about 10 percent higher than those of other firms.