A summary of a country's economic transactions with foreign residents and governments is called the

According to economists who explain the Phillips curve, a decline in the unemployment rate causes higher rates of inflation because

a. workers are concerned about protecting their jobs and so they accept smaller wage increases b. during periods of GDP growth, firms find it easier to pay higher wage rates and charge higher prices without worrying about losing markets c. firms decrease production and compete less aggressively for workers during periods of inflation d. workers feel less secure about their jobs and demand higher pay raises e. the Laffer curve comes into effect

By comparing the value of marginal product with the marginal cost per input, a firm can find the:

A. cost-maximizing quantity to hire. B. revenue-maximizing quantity to hire. C. output-maximizing quantity to hire. D. profit-maximizing quantity to hire.