The balance of trade for Ireland is measured by which of the following?
a. the value of Irish exported goods and services minus the value of goods and services imported into Ireland
b. the value of income receipts on Irish investments abroad minus income payments on foreign investments in Ireland
c. the value of Irish merchandise exports minus the value of merchandise imports into Ireland
d. the balance on Irish capital account minus the balance on Irish current account
e. the balance on Irish capital account plus the balance on Irish current account
C
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Using the figure above, suppose education is provided by public colleges, where tuition is set at $10,000 a year
When the market is in equilibrium, the marginal social benefit is ________, the marginal cost is ________, and the number of students enrolled is ________. A) $25,000; $25,000; efficient B) $25,000; $10,000; inefficient C) $15,000; $25,000; inefficient D) $15,000; $15,000; efficient E) $25,000; $15,000; inefficient
The price elasticity of demand is defined as the magnitude of the
A) change in quantity demanded divided by the change in price. B) change in price divided by the change in quantity demanded. C) percentage change in quantity demanded divided by the percentage change in price. D) percentage change in price divided by the percentage change in quantity demanded.