In the balance of payments account, the balance on current account always equals the balance on
a. capital account
b. U.S. assets abroad account
c. merchandise exports account
d. income receipts on investments account
e. unilateral transfers account
A
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Refer to Table 16.1. Which of the following statements is TRUE?
A) Guatemala has an absolute advantage in producing tomatoes. B) Guatemala has an absolute advantage in producing beer. C) Guatemala has a comparative advantage in producing beer. D) Guatemala has a comparative advantage in producing tomatoes. E) all of the above
Which feature of a market would contribute most to overall social welfare?
a. Low prices and high outputs b. Reduction in costs due to technological improvements c. The invention of new products d. Difficult to weigh a, b, and c without further information about society's preferences
An increase in demand:
A. results in a leftward shift of the demand curve. B. could be caused by a decrease in the price of the good. C. could be caused by an increase in the price of a substitute good. D. is shown as movement down along a demand curve.
We ADD to the GDP when goods produced abroad are sold in the United States.
Answer the following statement true (T) or false (F)