Which of the following is not true of the statistical discrepancy in the balance of payments?
a. It is residual.
b. It is a measure of net error in the balance of payments data.
c. It is necessary because some transactions go unreported.
d. An excess of credits in all other accounts must be offset by equivalent debits in the statistical discrepancy account.
e. A difference between credits and debits is taken care of by changes in the official reserve transaction account.
E
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The highest valued alternative that must be given up to engage in an activity is the definition of
A) marginal cost. B) marginal benefit. C) opportunity cost. D) economic equity.
A market equilibrium might not maximize total economic surplus because:
A. in a market equilibrium individuals do not exploit all opportunities for individual gain. B. in a market equilibrium individuals do not act rationally. C. efficiency is not an important social goal. D. sometimes goods entail costs and benefits that do not fall on buyers and sellers.