The balance of payments equals:
(a) The difference between household spending and income.
(b) The difference between government spending and income.
(c) A measure of the economic transactions between Irish residents and the rest of the world.
(d) The difference between inflation and unemployment.
Answer: (c) A measure of the economic transactions between Irish residents and the rest of the world.
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Indicate whether the statement is true or false
The agreement between the U.S., the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called
A. NAFTA. B. CAFTA. C. Mercosur. D. GATT.
Frictional unemployment is the result of
A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. B) the process of matching workers with jobs. C) the ups and downs in inflation. D) a slowdown in the economy.
The Sherman Act prohibited
A) collusive price agreements among rival sellers. B) setting price above marginal cost. C) marginal cost pricing. D) selling below average total cost.