Which of the following transactions leads to an inflow of funds on the U.S. financial account?
A. A resident of China purchases U.S. government bonds.
B. A U.S. resident sells wheat to an African nation.
C. A resident of Mexico visits the United States.
D. A U.S. resident purchases a share of stock on the Hong Kong exchange.
Answer: A
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In perfect competition, if the market price of the product is initially higher than the minimum average total cost faced by the firms, then
A. other firms will enter the industry and the industry supply will decrease. B. other firms will enter the industry and the industry supply will increase. C. some firms will exit the industry and the industry supply will decrease. D. some firms will exit the industry and the industry supply will increase.
A perfectly elastic supply curve is
A) an upward sloping straight line that intersects the origin. B) horizontal. C) vertical. D) downward sloping.
The tax cut of 2009 had little significant effect on consumer spending because it
A. was not large enough. B. was perceived as temporary. C. came too early in the year. D. was subtracted from 2008 taxes due.
Two examples of governments that printed large quantities of paper currency to finance massive budget deficits, causing hyperinflation, are ________ and ________.
A. the United States during the Great Depression; Germany after World War I B. the Confederacy during the American Civil War; Germany after World War I C. the Confederacy during the American Civil War; Japan after World War II D. the United States during the Great Depression; Japan after World War II