The United States has a trade deficit when the value of the goods and services we import exceeds the value of the goods and services we export.
Answer the following statement true (T) or false (F)
True
See the definition of a trade deficit in the textbook.
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Producer surplus is the ________ summed over the quantity sold
A) value of a good minus the price received for it B) price received for a good minus the value of the good C) price received for a good minus its marginal cost D) marginal cost of making a good minus the price received for it
Coca Cola and Pepsi, which together account for about 85 percent of the soft drink market, are best described as being in
A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.
When RBC economists compare the volatility in their models to the data, what are they looking at?
A) The degree to which variables lead output over the business cycle B) The strength of procyclicality of different variables C) The amount of random variation in economic variables D) The degree to which different economic variables move together
Oligopolists behave independently of each other
a. True b. False Indicate whether the statement is true or false