A budget surplus exists when
a. Tax receipts < government expenditures + transfers.
b. Tax receipts > government expenditures + transfers.
c. Government expenditures ? transfers > tax receipts.
d. Government expenditures > transfers + tax receipts.
b
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The Taylor rule predicted a federal funds rate which was ________ that set when Paul Volcker was chairman of the Fed, and a rate which was ________ that set when Arthur Burns chaired the Fed
A) less than; equal to B) greater than; less than C) greater than; equal to D) less than; greater than
Briefly explain the major argument of the factor endowment trade theory
What will be an ideal response?
The opportunity cost of working one hour is the sum of the values you would have received from all other activities you could have done in that hour
a. True b. False Indicate whether the statement is true or false
The financial account is
A) the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations. B) the price of one nation's currency in term of the currency of another country. C) a category of the balance of payments transactions that measures flows of real and financial assets. D) a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers.