Less developed countries obtain foreign exchange reserves mainly from the export of
Manufactured goods
Processed and semi-processed commodities
Invisible items
Primary product
All of the above
Correct answer is D
No explanation has been provided for this answer.
Interest rates
Opportunity costs
Economic rent
Indirect costs
Wages
Correct answer is C
No explanation has been provided for this answer.
Which of the following items in the balance of payment of account is an invisible transaction?
Import of cars
Export of cocoa
Export of crude petroleum
Tourism
Import of building materials
Correct answer is D
No explanation has been provided for this answer.
X and Y are complementary commodities
X and Y are substitute goods
X and Y are independent goods
X and Y are jointly supplied
X and Y are inferior commodities
Correct answer is A
No explanation has been provided for this answer.
Opportunity cost is a term that describes
The initial cost of setting up a business venture
Cost of one product in terms of foregone production of others
The monetary equivalent of the utility of a commodity
Cost related to an optimum level of production
Implicit cost
Correct answer is B
No explanation has been provided for this answer.