A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account?
a. Unilateral transfers account is credited for $900.
b. Unilateral transfers account is debited for $900.
c. Merchandise account is credited for $900.
d. Services account is debited for $900.
e. Merchandise account is debited for $900.
d
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If real GDP increases by 6 percent and at the same time the population increases by 2 percent, then real GDP per person grows by
A) 3 percent. B) 6 percent. C) 8 percent. D) 4 percent. E) 2 percent.
In the long run, a perfectly competitive industry is allocatively efficient because
a. the opportunity cost of resources needed to produce the last unit of output just equals the marginal value to consumers of the last unit b. it maximizes producer surplus c. consumer surplus could be larger if the price were lower d. production occurs at the lowest average total cost e. marginal costs are low
In order to produce 100 oatmeal cookies, Goodie Cookie Co incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is _____
a. $25 b. $20 c. $50 d. $60
Equilibrium price is
A. $5.
B. $4.
C. $3.
D. $2.