If the real interest rate is 5 percent and the inflation rate is 2 percent, then the nominal interest rate is 7 percent

Compared to a single-price monopoly, the price charged by a perfectly competitive market with the same costs

A) is higher than the monopoly's price. B) is the same as the monopoly's price. C) is lower than the monopoly's price. D) could be higher than, lower than, or the same as the monopoly's price.

Which of the following is not considered a resident when calculating the balance of payments?

a. governments b. capital equipment c. organizations d. firms e. people