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MCQ 11: A statement that summarizes an economy's transactions with the rest of the world for a specified time period is known as:

  1. transfer payments
  2. balance sheet
  3. balance of payments
  4. summary statement

MCQ 12: The trade of products that belongs to same industry is known to be as:

  1. intra-industry trade
  2. inter-industry trade
  3. gains from trade
  4. trade with specialization

MCQ 13: When firm's marginal revenue is equals to the firm's marginal cost, that situation is known as:

  1. equilibrium
  2. profit maximization
  3. pareto efficiency
  4. efficient scale

MCQ 14: The process of allocating capital in a way that reduces the exposure to any one particular asset or risk is known to be as:

  1. risk criterion
  2. risk assessment
  3. risk value
  4. risk diversification

MCQ 15: Economic profit is concerned with implicit cost, explicit cost as well as:

  1. opportunity cost
  2. accounting profit
  3. economic losses
  4. total cost

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