We run a trade ________ on goods and a trade _________ on services.
A. deficit; deficit
B. surplus; surplus
C. surplus; deficit
D. deficit; surplus
D. deficit; surplus
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The Pareto Unanimity axiom in Arrow's theorem implies that Arrow believes social choice processes should choose only pareto efficient outcomes.
Answer the following statement true (T) or false (F)
When the price of only one good rises, the relative price of that good
A) falls. B) rises. C) does not change. D) rises if it is a normal good and falls if it is an inferior good.
An inflationary gap exists when consumers
A. are saving more than businesses are investing. B. and businesses are purchasing less than the economy is capable of producing. C. and businesses are demanding more than the economy is capable of producing. D. and businesses are demanding less than the full employment level of output.
An increase in a country's net commodity terms of trade will
A) not always guarantee positive changes in the country's economy. B) always increase the country's economic welfare. C) always increase the country's real income. D) never increase the country's quantity of exports. E) always increase the country's production of its import competing good.