During the last decade, the United States ran the largest trade deficits in its history. These trade deficits imply:
A. a U.S. balance of payments equilibrium.
B. a U.S. balance of payments deficit.
C. nothing about the overall U.S. balance of payments.
D. a U.S. private balance of payments surplus.
Answer: C
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Allocative efficiency best explains ________, and productive efficiency best explains ________
A) why something will be produced; what will be produced B) what will be produced; how something will be produced C) how something will be produced; when something will be produced D) when something will be produced; why something will be produced
If oil is considered a non-renewable resource, than oil is a. an unlimited resource
b. a scarce resource. c. not a productive resource. d. has no opportunity cost.
All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s. B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing. C) the deregulation of certain industries has also contributed to a decline in unionism. D) recent labor laws have diminished worker's rights.
Using the money demand and money supply model, an open market sale of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) increase. B) decrease. C) not change. D) increase, then decrease.