A summary of a country's economic transactions with foreign residents and governments is called the
A) current account balance.
B) financial account balance.
C) balance of trade.
D) balance of payments.
Answer: D
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If Henry, a perfectly competitive lime grower in Southern California, can sell his limes at a price greater than his average total cost, Henry will
A) incur an economic loss. B) incur an accounting loss. C) have an incentive to shut down. D) make an economic profit. E) make zero economic profit.
Describe the vicious cycle of poverty. What are the consequences of this cycle?
Full employment is the rate of employment that results when:
A. all the labor resources of the economy are employed full time. B. cyclical unemployment has reached its maximum. C. everybody who wants a job can find one. D. only frictional and structural unemployment are present.
Velocity can be calculated as the ratio of:
A. nominal GDP to the money supply. B. the money supply to the price level. C. nominal GDP to real GNP. D. real GDP to the price level.