A system of accounts that measures the transactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period is the
A. current account.
B. capital account.
C. balance of payments.
D. balance of trade.
Answer: C
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Use the following graph for a private closed economy to answer the next question. 
The multiplier for the above economy is
A. 2. B. 3. C. 4. D. 5.
Naturally occurring diamonds are an example of
A) land. B) labor. C) physical capital. D) human capital.
The Exclusive Gift Company has a monopoly over the sale of gold hula hoops. This company is currently pricing and producing where marginal revenue is equal to marginal cost. It is selling 50 gold hula hoops at a price of $5,000 each. Total costs for the company are $300,000 of which fixed costs are $100,000. You are hired as an economic consultant to this company. You should advise this monopolist to
A. produce in the short run and expand capacity in the long run. B. shut down in the short run but expand capacity in the long run if conditions do not change. C. produce in the short run but exit the industry in the long run if conditions do not change. D. shut down in the short run and exit the industry in the long run.
The notion of ________ is that through income redistribution, the rich sacrifice a little and the poor gain a lot.
A. Rawlsian justice B. utilitarian justice C. labor value D. distributional justice