A nation's total external wealth is calculated as:
A) the sum of total assets minus total liabilities expressed in local currency.
B) total assets expressed in foreign currency minus total liabilities expressed in foreign currency.
C) the sum of total assets minus total liabilities expressed in foreign currency.
D) the sum of physical assets within the nation, domestic stock market capitalization, and government assets minus total liabilities.
Ans: A) the sum of total assets minus total liabilities expressed in local currency.
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Markets are
A) a mechanism through which prices of goods and services are determined by the forces of supply and demand. B) specific geographic locations. C) hypothetical constructs used to analyze how people form their tastes and preferences. D) places where people can inspect goods and services carefully.
Which of the following is an an example of a sunk cost?
A. Jossie purchases a textbook online but returns it because it is the wrong edition. B. Maria goes to a lunch vending machine to get a quick snack. In her haste, she mistakenly pushes the wrong buttons and gets a wheatgrass sandwich instead of hot pocket she was craving. C. Kenny's new smartphone stops working, but it is still under warranty, so he is able to have it repaired at no cost. D. Antonio goes to the movies. After the opening credits, he realizes he is in the wrong theater. He informs the manager and is able to get a refund.