The balance of payments is
A) a summary record of the financial transactions of a country's government with foreign governments.
B) a summary record of a country's imports and exports of goods with foreign residents and governments.
C) a summary record of a country's economic transactions with foreign residents and governments.
D) a summary record of a country's purchases and sales of goods and services in the world market.
Answer: C
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The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 80 units per day?
A) plant A B) plant B C) plant C D) plant D
Consider two goods, X and Y, where X is measured on the horizontal axis and Y is measured on the vertical axis. All else constant, a decrease in the price of X will cause the consumer's budget constraint to:
A) rotate in along the X axis B) rotate out along the X axis. C) shift out parallel to the original budget constraint. D) shift in parallel to the original budget constraint.