Which of the following will be included in the services account of a country?
a. Imports of goods from a foreign country
b. Gifts to the residents of a foreign country
c. Exports of goods to a foreign country
d. Purchase of land in a foreign country
e. Transportation costs involved in international travel
e
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A firm in a monopolistically competitive market makes no economic profit in the long run because
A. long-run marginal cost will be too high to make any economic profit. B. long-run price will be equal to long-run marginal cost. C. long-run marginal cost will be equal to long-run marginal revenue. D. long-run price will be equal to long-run average cost.
Gambling is profitable to casinos because the expected payoff of every gamble (to the casino) is ________ the amount gambled.
A. less than B. unrelated to C. greater than D. equal to