The dividend earned by a domestic resident on a stock owned in a foreign company is an example of a(n) ________
A) import by the domestic resident B) factor payment received from foreigners
C) transfer payment received from foreigners D) export by the domestic resident
B
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When demand is elastic,
A. the percentage change in price is greater than the percentage change in quantity demanded. B. price increases raise total revenue. C. the buyer is sensitive to changes in price. D. the elasticity coefficient is greater than zero, but less than one.
In the long run in a perfectly competitive market:
A. supply is perfectly elastic when all firms have the same cost structure. B. firms operate at an efficient scale. C. firms earn zero economic profits. D. All of these are true.
In the medium run, an increase in the rate of growth of nominal money will cause
A) lower nominal and lower real interest rates. B) lower nominal interest rates and no change in the real interest rate. C) an increase in inflation and an increase in output growth. D) a proportionate increase in inflation.
The ability to produce a good or service at a lower opportunity cost than other producers is called
A) absolute advantage. B) comparative advantage. C) implicit advantage. D) marginal advantage.