If a country has a trade deficit of $30 billion, which of the following can be true?
A. The country's exports are $150 billion, and its imports are $120 billion.
B. The country's exports are $120 billion, and its imports are $140 billion.
C. The country's exports are $140 billion, and its imports are $40 billion.
D. The country's exports are $110 billion, and its imports are $140 billion.
Answer: D
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Unlike a private good, a public good
A. has no opportunity costs. B. produces no positive or negative externalities. C. has benefits available to all, including nonpayers. D. is characterized by rivalry and excludability.
The Tea Act:
a. raised the price of tea to colonists. b. allowed for more "middlemen" to be involved in the exportation of tea from India to America. c. made tea an "enumerated good" under the Navigation Acts. d. harmed smugglers of Dutch tea.
Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $40, $30, $20, and $10 respectively. The expected value is:
a. $22 b. $24 c. $26 d. $28
Accounting profit is
a. always less than economic profit b. never less than economic profit c. equal to economic profit if a normal profit is earned d. less than economic profit only when implicit costs are greater than explicit costs e. greater than economic profit only when implicit costs are greater than explicit costs