A payment of 105 next year can be more valuable than a payment of 100 now.
a. True
b. False
QUESTION 2The world's largest net debtor nation is
a. Russia
b. China
c. Brazil
d. Mexico
e. the United States
QUESTION 3A labor union is a group of
a. employees who join together to improve their working conditions
b. firms that join together to hire workers
c. firms that work together to negotiate better prices in the market
d. farmers who work together to receive better prices for their agricultural products
e. workers and firm owners who join together to improve working conditions
QUESTION 4The statistical discrepancy
a. is always positive
b. is always negative
c. must be reduced to zero and eliminated from the balance of payments before the records become official
d. is a residual factor that indicates the net error in the balance of payments data
e. is a record of all transactions between residents of two countries over a specified period
QUESTION 5The patent and copyright systems
a. reduce the cost of duplicating intellectual property
b. help make the market for intellectual property more competitive
c. are forms of intellectual property
d. help increase the incentives to create new intellectual property
e. help reduce the incentives to create new intellectual property
QUESTION 6In order for the balance of payments to balance,
a. the current account balance must equal the capital account balance
b. international reserves must flow out of the country
c. international reserves must flow into the country
d. the current account balance plus the capital account balance plus the net flow of international reserves plus the statistical discrepancy must equal zero
e. the current account balance plus the capital account balance plus the net flow of international reserves must be greater than the statistical discrepancy
QUESTION 7One problem associated with intellectual property is that
a. only one person can use it at a time
b. the patent system reduces incentives to create new intellectual property
c. the cost of producing it usually exceeds the benefit
d. encryption software creates monopoly power
e. the original producer has difficulty preventing non-paying beneficiaries from consuming the property
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