The table below contains the international balance-of-payments data for the United States in a past year. All figures are in billions. Compute with the appropriate sign (+ or ?) and enter in the table the six missing items. What was the condition of the balance of payments in the United States?
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The use of interchangeable parts in armament production by Whitney and North:
a. caused machinery to be replaced by skilled labor. b. capital-labor proportions in the US to remain equal to those in England. c. allowed producers to raise the price of guns. d. increased the demand for skilled labor.
One worker produces 5 rocking chairs. To produce 10 rocking chairs it will be necessary to hire more than two workers, if diminishing returns have set in.
Answer the following statement true (T) or false (F)
If the Consumer Price Index was 90 in one year and 100 in the following year, then the rate of inflation is about:
A. 9 percent B. 10 percent C. 11 percent D. 12 percent
If a country is currently lending more to the rest of the world than it is borrowing from the rest of the world, the country is a
A) net borrower. B) debtor nation. C) net lender. D) creditor nation.