Countries that typically run a trade surplus are:
A. China, Germany and the US.
B. China, Germany, and Japan.
C. Japan, Germany and the US
D. China, Japan, and the US.
B. China, Germany, and Japan.
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A fiduciary monetary system is dependent on
A) acceptability and predictability of value. B) precious metals backing fiat money. C) Congressional monetary support. D) a negative inflation rate.
Say that Japanese firms commit to avoid laying off their employees when demand for their products is low, but American firms often lay off workers when demand is low. As a result, ceteris paribus, we would expect Japanese firms to: a. face more elastic demand curves than American firms
b. have relatively greater variable costs than American firms. c. continue to produce at some prices at which American firms would shut down. d. shut down at prices at which American firms would continue to operate.
Economies of scale, control over a scarce input, and patents are all examples of barriers to entry
a. True b. False Indicate whether the statement is true or false
Constructing the Phillips curve: __________ is measured on the vertical axis and __________ is measured on the horizontal axis
a. rate of inflation, rate of unemployment b. level of inflation, level of unemployment c. nominal GDP, real GDP d. aggregate demand, aggregate supply e. percent of automatic stabilization, percent of discretionary stabilization