The government deficit
A) is equal to the government surplus plus taxes minus government spending.
B) is equal to GDP minus GNP.
C) is equal to disposable income plus the current account surplus.
D) is equal to the negative of government saving.
D
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Traveler's checks are included in
A) M1 only. B) M2 only. C) both M1 and M2. D) neither M1 nor M2.
If the current account has a positive balance of $100 and the capital and financial account has a negative balance of $90, there will be ________ in official reserves of ________
A) a decrease; $10 B) an increase; $10 C) an increase; $190 D) a decrease; $190
When considering international trade, which of the following would be most conducive to domestic economic growth?
A) a closed economy B) an economy in which its domestic industries are protected by tariffs C) an economy with free and open markets to the outside world D) an economy in which most decisions are made by a central governmental authority
Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her implicit costs of the new business include:
A. both the expenses incurred for office space, equipment, and supplies and her forgone salary of $42,000 per year. B. only her forgone salary of $42,000 per year. C. neither the expenses incurred for office space, equipment, and supplies nor her forgone salary of $42,000 per year. D. only the expenses incurred for office space, equipment, and supplies.