An economy with a trade surplus must also have:
A. a budget surplus.
B. positive net capital inflows.
C. positive net capital outflows.
D. a trade deficit.
Answer: C
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In a competitive market, there are a ________ number of buyers and a ________ number of sellers
A) large; small B) small; large C) small; small D) large; large
United States net unilateral transfers have been
a. positive every year since 1950 b. negative every year since 1950 c. positive every year since 1950 except 1991, during the Persian Gulf War d. negative every year since 1950 except 1991, during the Persian Gulf War e. positive about half the time and negative about half the time since 1950
How does money function as a unit of account? a. Money has intrinsic worth as a commodity
b. Money is convertible into commodities that have intrinsic worth. c. The prices of all goods and services are measured in terms of money. d. Things that function as money can do so because people know there is a standard of value that ultimately backs the money even if it is only faith. e. Bank accounts make it easy for people to store their wealth.
The primary currency circulating in the United States consists of:
a. bank checks that are certified. b. Federal Reserve Notes. c. credit cards. d. gold certificates.