What is the difference between the balance of trade and the balance of payments?
A. The balance of payments is only part of the balance of trade.
B. The balance of trade is only part of the balance of payments.
C. The two are different parts of the balance of merchandise accounts.
D. The two are different parts of the balance of financial and capital accounts.
Answer: B
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Let "C = Ca + by" define the consumption function. The term "by" is
A) the marginal propensity to consume. B) autonomous consumption. C) current income. D) consumption that depends on income.
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of grooming additional dogs
A) rises. B) falls. C) remains constant. D) depends on the prices being charged.