Which balance of payments measure shows best if a nation is paying its own way?
a. Trade balance
b. Balance on goods, services, and income
c. Reserves account.
d. Net errors and omissions account
e. Net transfers account
.B
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Adam Smith's Wealth of Nations, written in 1776, describes the market's invisible hand representing the
A) King of England's control over the colonies. B) control all governments have in organizing the market. C) efficiency the market achieves without the interference of governments. D) inefficiency of markets when governments do not organize them. E) invisible command system that efficiently allocates resources.
Deregulation has led to higher prices.
Answer the following statement true (T) or false (F)
Production possibilities frontiers curve when they are charted on a graph because they show:
a) the underutilization of resources b) the maximum output of goods and services c) the increasing costs resulting in increasingly less output d) the technological level of the economy's productivity
Other things equal, increased exports of Japanese products to the United States will:
A. Increase the supply of Japanese yen in the foreign exchange market B. Increase the demand for Japanese yen in the foreign exchange market C. Increase the demand for U.S. dollars in the foreign exchange market D. Have no effect on either the supply or demand for Japanese yen or American dollars