A current account surplus indicates that America is ________ its claims on foreign wealth, while a deficit indicates that this country is ________ its claims on foreign wealth

Economists consider which of the following costs to be irrelevant to a short-run business decision?

A) opportunity cost B) out-of-pocket cost C) historical cost D) replacement cost

The practice of potential buyers offering lower prices for a product of uncertain quality than they would for a product of certain quality is known as: a. the lemon problem. b. moral hazard

c. external costs. d. None of the above.