The balance of payments is
A) a summary record of the financial transactions of a country's government with foreign governments.
B) a summary record of a country's imports and exports of goods with foreign residents and governments.
C) a summary record of a country's economic transactions with foreign residents and governments.
D) a summary record of a country's purchases and sales of goods and services in the world market.
C
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The implicit cost of ownership:
A. is a cognitive bias. B. is an unproven concept. C. is the monetary opportunity cost that is often overlooked. D. All of these are true.
If a business's total economic cost of producing 2,000 units of a product is $1,000,000 and this output is sold to consumers for $1,300,000, then the firm would earn an economic profit of:
a. $1,300,000 b. $1,000,000 c. $300,000 d. $200,000