According to Scenario 4-1, country A has net exports of:
a. $18 million.
b. $8 million.
c. $13 million.
d. $9 million.
e. $6 million.
d
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Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
A financial intermediary less strictly regulated than a bank, and with no government guaranteed deposits is known as a
a. non-bank. b. junior bank. c. secondary bank. d. trade bank. e. intermediary bank.
A fiscal policy action to close a recessionary gap is to:
A. increase government purchases. B. increase the marginal propensity to consume. C. decrease transfer payments. D. increase taxes.
Which of the following represents expansionary fiscal policy?
A. an increase in corporate income tax rates B. a reduction in government spending C. a decrease in average individual income tax rates D. an increase in marginal individual income tax rates