A wealthy Japanese executive decides to buy a large amount of U.S. assets. This would contribute to
a. a deficit in the U.S. current account
b. a deficit in the U.S. capital account
c. a surplus in the U.S. current account
d. a surplus in the U.S. capital account
e. a deficit in the total balance of payments
D
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Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded
A) a small; large B) a large; small C) any; large D) Both answers A and B are correct. E) None of the above answers is correct.
When barriers to trade are imposed, we should expect some groups to be harmed at the expense of other groups
a. True b. False Indicate whether the statement is true or false
If a firm is a price taker, then it can
a. sell below the market price and increase its economic profit b. sell all it wants at the market price c. sell above the market price and increase its economic profit d. supply the entire market e. choose its own price
Under a gold standard, a discovery of gold will
a. decrease the general price level. b. increase the general price level. c. cause increased unemployment. d. cause decreased rates of economic growth.