From 1980 to 1987
a. foreigners were buying more assets from the United States than Americans were buying abroad. The United States was going into debt.
b. Americans were buying more assets abroad than foreigners were buying from the United States. The United States was going into debt.
c. foreigners were buying more assets from the United States than Americans were buying abroad. The United States was moving into surplus.
d. Americans were buying more assets abroad than foreigners were buying from the United States. The United States was moving into surplus.
a
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. At the equilibrium outcome, the size of the economic pie will be
A) $350. B) $550. C) $650. D) $700.
Voluntary export restraints (VERs)
A) do not protect domestic producers. B) raise revenue for the governments involved. C) raise the prices paid by domestic consumers. D) Both answers B and C are correct.
An example of expansionary fiscal policy would be
A) a decrease in government spending to reduce budget deficits. B) an increase in tax collection to reduce budget deficits. C) a decrease in interest rates to help stimulate the economy. D) an increase in government spending on infrastructure to create jobs and improve the economy. E) an increase in interest rates to encourage private savings.
Proved reserves of petroleum are
a. the verified quantity of petroleum that can be recovered at current prices and levels of technology. b. the only reserves likely to be available in the future. c. refined products awaiting shipment to the market. d. the total amount of the resource in existence, regardless of the productive effort undertaken to expand the future availability of the resource.