Which of the following is a balance of payments account?
i. current account
ii. past account
iii. capital and financial account
A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
D
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If Mia can either wash 10 cars or wax 2 cars during a day, and Daniel can either wash 17 cars or wax 2 cars during a day, then according to the law of comparative advantage,
a. Daniel's opportunity cost of waxing a car is less than Mia's. b. their total output can be expanded if Mia specializes in waxing and Daniel in washing. c. their total output can be expanded if Mia specializes in washing and Daniel in waxing. d. it would be impossible for Daniel and Mia to increase their total output through specialization and mutual exchange.
An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services
a. True b. False Indicate whether the statement is true or false