When a U.S. company purchases $1 million worth of French cheese, the value of that transaction is recorded in the
A) current account.
B) capital and financial account.
C) transfer account.
D) investment account.
E) goods account.
A
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In the economic way of thinking, what do entrepreneur's and bureaucrats have in common?
A) They each advance projects solely in the public interest. B) They each advance projects only if the expected marginal benefits exceed the expected marginal costs. C) They each advance projects only if the expected marginal benefits are less than the expected marginal costs. D) They each advance projects only if they impose no negative externalities.
Which of the following statements is true?
A) In a competitive market, the invisible hand encourages the movement of resources from more productive uses to less productive uses. B) In a competitive market, firms in the long run tend to earn positive economic profits. C) Competitive equilibrium provides incentives for entrepreneurs to shift their resources from unprofitable industries to profitable ones. D) At the competitive equilibrium, production occurs at the point of maximum average total cost.