The net decline in a country's stock of international reserves over a year is called a(n):
A. trade deficit.
B. balance-of-payments surplus.
C. balance-of-payments deficit.
D. trade surplus.
Answer: C
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Starting from a situation of full employment, an increase in aggregate demand creates ________ and ________ the price level
A) an inflationary gap; raises B) a recessionary gap; lowers C) a recessionary gap; raises D) a recessionary gap; does not change E) an inflationary gap; lowers
Empirical evidence suggests that, when unemployment benefits run out, the probability that an unemployed person will find a job
A) remains constant. B) goes down by 20 percent. C) about doubles. D) about triples.
A period of stagflation is the normal aftermath of a period of
a. excess aggregate supply. b. deficient aggregate demand. c. excess aggregate demand. d. high unemployment rates.
The limited amount of income available to consumers to spend on good and service
What will be an ideal response?