In recent years, the United States has had large:
A. current account surpluses.
B. current account deficits.
C. balance of trade surpluses.
D. balance of payments surpluses.
B. current account deficits.
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A monopoly is an inefficient way to produce a product because
a. it can earn both short-run and long-run profits. b. it faces a downward-sloping demand curve. c. the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers. d. it produces a smaller level of output than would be produced in a competitive market.
The convergence hypothesis explains
A. the shrinking gap between income levels of poor and rich countries. B. the ability of firms to profit maximize and cost minimize. C. the willingness of countries to reduce environmental damage after an income level has been attained. D. the similarities between cultures.
In making a production decision, an entrepreneur
A. Decides what level of output will maximize profits. B. Determines plants and equipment. C. Decides whether to enter or exit the market. D. Can change both fixed and variable inputs.
Whenever the benefits of group effort fall on every member of a large dispersed group, regardless of individual contributions, there can be a
A. negative externality. B. free-rider problem. C. spillover effect. D. sudden-damage effect.