The balance of trade is the value of:
A. exports minus the value of imports.
B. imports minus the value of exports.
C. total goods purchased by the U.S. from abroad.
D. total goods sold by the U.S. to parties abroad.
A. exports minus the value of imports.
Economics
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If new firms enter a perfectly competitive industry, the market supply
A) does not change. B) becomes more price elastic. C) becomes more price inelastic. D) increases. E) decreases because each firm produces less than before the entry.
Economics
Which of the following is an example of adverse selection?
A) Overgrazing of a common piece of land B) Passengers travelling in a subway without a ticket C) A customer buying a defective appliance from a used goods market D) The generation of a harmful chemical during the production of a good
Economics