Double-entry bookkeeping for the balance of payments requires that:
a. the current account always equal the balance of payments.
b. every transaction be recorded as a credit and a debit at the same time.
c. total credits always exceed total debits.
d. every transaction be recorded as either a credit or a debit.
e. total debits always exceed total credits.
b
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If income is equal to total spending, then in a closed economy, it is equal to:
A. consumption plus investment spending. B. savings plus investment. C. savings minus investment. D. consumption minus investment spending.
Suppose a firm has a monopoly on the sale of a computer game and faces a downward-sloping demand curve. When selling the 50th game, the firm will always receive
a. less marginal revenue on the 50th game than it received on the 49th game. b. more average revenue on the 50th game than it received on the 49th game. c. more total revenue on the 50 games than it received on the first 49 games. d. Both b and c are correct.
A large farm uses fertilizer that nearby landowners complain may contaminate their water. Tests are conducted and contaminants are found. The costs resulting from this decision are referred to as
A. factor costs. B. external costs. C. implicit costs. D. opportunity costs.
Labor productivity is defined as:
A. total output/worker-hours. B. nominal GDP minus real GDP. C. the ratio of real capital to worker-hours. D. the annual increase in nominal GDP per worker.