In the current account, the largest category of international transactions is
A) imports.
B) international investment.
C) statistical discrepancy.
D) net interest.
E) net transfers.
A
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The general rule for allocating productive resources efficiently across different production activities of the same product, like the fishing boats in the textbook example, is to choose the allocation for which the:
a. average product of the resource is the same in every activity b. marginal product of the resource is the same in every activity c. total product of the resource is the same in every activity d. average product is equal to the marginal product e. none fo the above
The invisible hand refers to the coordination that occurs from:
A. a government agency finding efficiencies. B. everyone working for the overall good of society. C. everyone working in his or her own self-interest. D. a government coordinating economic activity.