Which of the following would be recorded in the U.S. goods export account?
A. Harry, an American citizen, spends 1,000 francs on vacation in the south of France.
B. A machine shop in Ohio purchases a grinder made in Italy.
C. Martha receives a $50 dividend check on stock she owns in a business in Germany.
D. France purchases a new jet fighter aircraft from the Boeing Company in the United States.
Answer: D
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The production possibilities frontier of an economy is based on the assumption that the: a. amount of consumer goods produced in the economy is constant during a given year. b. quality of labor available in the economy is variable during a given year
c. patent laws applicable in the economy are constant during a given year. d. level of technology available in the economy is variable during a given year. e. economy can either produce capital goods or consumer goods during a given year.
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The table below describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-HoursPer DayOutputPer Day0014048091201516023200When the firm uses 9 employee-hours, it earns a daily ________ of ________.
A. profit; $114 B. loss; $114 C. profit; $64 D. loss; $64