Roger lives in Iceland and purchases a snowmobile manufactured in the United States. This purchase is
A. both a U.S. and Icelandic export.
B. both a U.S. and Icelandic import.
C. a U.S. import and an Icelandic export.
D. a U.S. export and an Icelandic import.
Ans: D. a U.S. export and an Icelandic import.
You might also like to view...
The opportunity cost of going to an outdoor music festival is
A) the value of the time spent at the festival. B) zero because there are no overhead costs for an outdoor festival. C) equal to the highest value of an alternative use of the time and money spent on the festival. D) the enjoyment you receive from going to the festival. E) the cost of the festival ticket only.
When the Federal Reserve increases the money supply, at the previous equilibrium interest rate households and firms will now have
A) the amount of money that they want to hold. B) more money than they want to hold. C) less money than they want to hold. D) to sell Treasury bills.