Which of the following would not be a part of the merchandise trade balance?
a. Exports of consumer durables
b. Merchandise imports
c. International freight costs
d. Computer hardware exports
e. Sale of domestically produced cars to foreigners
c
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It is generally agreed that
A) the financial system would be more efficient if intermediaries were eliminated. B) small- and medium-sized firms benefit by the actions of intermediaries. C) the addition of intermediaries adds to transactions costs. D) intermediaries should not seek to profit from reducing transactions costs.
The change in the price of one good has no effect on the quantity demanded of another good. These goods are:
A) complements. B) substitutes. C) both inferior. D) both Giffen goods. E) none of the above
When total revenue remain unchanged when there is a change in price, demand is
A) unit-elastic. B) inelastic. C) elastic. D) not related.
A fundamental and important ethical aspect of markets is that they
A) equalize incomes B) promote a very homogenous set of goods/services C) rely on voluntary exchange D) eliminate undesirable outcomes