The account which records a nation's foreign economic transactions is called the:
a. Trade Account. b. T account.
c. Exchange Market. d. Balance of Payments.
d
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Economic terms like “cost of living” and “price level” are important to ordinary individuals.
Answer the following statement true (T) or false (F)
Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expect
A. price to decline until an equilibrium is achieved at P0. B. consumers to bid against each other for goods and force the price even higher. C. a surplus will occur. D. the quantity demanded is Q2.
Identify the type of merger in each of the following situations and indicate how the post-merger concentration ratio for the industry is affected
a. A steel company merges with a coal and iron ore mining company.b. Staples, a retailer of office supplies, acquires Office Depot, another retailer of office supplies.c. An oil company merges with pipeline, shipping, and railroad companies as well as refineries and gas stations.
(Figure: Production Possibility Frontier) Look at the figure Production Possibilities Frontier. If the economy is producing 8 cars and 12 computers per period:
A) the economy is still efficient but has made a decision not to buy as much as it could. B) something must be done to reduce the amount of employment. C) the notion of increasing opportunity cost is invalidated. D) this is an attainable choice but involves unemployment or inefficiency.