When economists talk about a balance of payments "deficit," they refer to:
a. a net balance in the balance of payments that is less than zero.
b. a condition in which total credits exceed total debits in the balance of payments.
c. a deficit in one of the sub-accounts of the balance of payments.
d. a disequilibrium in the foreign exchange market.
e. a net loss in the trade of international goods and services.
c
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The quantity demanded of a good or service is the quantity that a consumer
A) is willing to buy at a particular price during a given time period. B) actually buys at a particular price during a given time period. C) needs to buy at a particular price during a given time period. D) should buy at a particular price during a given time period.
A decline in the money ________ shifts the LM curve to the ________, causing the interest rate to rise and output to fall, everything else held constant
A) demand; right B) demand; left C) supply; right D) supply; left
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.
If people wished to hold a quantity of money equal to 80% of nominal GDP, the velocity of money would be
A) 1.00. B) 1.25. C) 1.50. D) 1.75.