Category: Economics

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➤ How does the balance of payments record a capital account deficit in this case?
The balance of payments records the current account and the financial (capital) account together. A current account surplus must be offset by net financial outflows, recorded as a capital (financial) account deficit. This double-entry accounting shows increased foreign asset ownership or reduced foreign liabilities when income exceeds spending.

Give an example of how Carhartt effectively utilizes each of the fourfactors of production – land, labor, capital, and entrepreneurship – tomaintain its position as a leading workwear brand.

➤ What is the correct answer to the multiple-choice question about the 70th unit sold at $52?
The correct choice is B: marginal revenue will be less than $52. A monopoly faces a downward-sloping demand curve, so selling an extra unit requires lowering price on all units. That price reduction causes marginal revenue to fall below the selling price.

➤ How does money differ as a medium of exchange versus a unit of account?
As a medium of exchange, money facilitates buying and selling by being accepted in transactions. As a unit of account, it measures and records value through prices and accounts. The first focuses on circulation and liquidity, while the second focuses on measurement, comparison, and accounting in the economy.

➤ Why do published averages for primary care pay differ between sources?
Different surveys report different primary care pay because of sample mix, specialty definitions, and geographic weighting. Some studies include only active clinicians while others add administrators or part-time providers. Variation also arises from whether bonuses, benefits, and productivity incentives are counted, and from using mean versus median metrics.

1 pointThe Tenth Amendment reserves any powers not expressly given to the federal government for the states. Which principle does this illustrate?federalismretributioncommon lawutilitarianism

➤ How do we measure price elasticity of demand for a necessity?
Compute elasticity as the percentage change in quantity divided by the percentage change in price. Use the midpoint (arc) formula for discrete changes and estimate with sales data or regression analysis. An absolute elasticity value below one indicates the good is price inelastic.