Restricting imports of Brazilian shoes will
a. raise the price of both Brazilian and domestically produced shoes
b. raise the price of Brazilian shoes but lower the price of domestically produced shoes
c. lower the price of Brazilian shoes but raise the price of domestically produced shoes
d. lower the price of both Brazilian and domestically produced shoes
e. benefit the producers of shoes in Brazil
A
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The position of the United States current account balance in 2009 was
A) lent over 6 percent of its GNP, resulting in a large current account surplus. B) borrowed over 9 percent of its GNP, leading to a large current account deficit. C) achieved a currant account balance of zero. D) borrowed over 10 percent of its GNP, leading to a large current account deficit. E) borrowed less then 5 percent of its GNP, leading to a large current account surplus.
Accounting profit equals total revenue minus
A. economic profits. B. economic costs. C. explicit costs. D. implicit costs.