Suppose you study abroad in England. When you purchase books and food, these transactions should really be recorded as
A) credits to the capital account and debits to the current account.
B) debits to the capital account and credits to the current account.
C) debits to the capital account and debits to the current account.
D) credits to the capital account and credits to the current account.
A
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If activists successfully lobbied government to force firms to produce more output than they normally would in a perfectly competitive market,
A) consumer surplus would decline. B) producer surplus would increase. C) taxation would solve the problem. D) total surplus in the market would decline.
In a short-run production function before diminishing returns set in, both MPL and APL will have
A. negative slopes and MPL will lie above APL. B. positive slopes and MPL will lie above APL. C. positive slopes and APL will lie above MPL. D. negative slopes and APL will lie above MPL.