Which of the following is true of U.S. net exports prior to the 1960s?
a. Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S.
b. Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S.
c. The U.S. was running a trade surplus prior to the 1960s.
d. Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit.
e. Since the U.S. dollar was overvalued prior to the 1960s, the U.S. neither exported nor imported any goods and services.
c
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Economic studies have shown that countries that have high inflation rates have lower rates of economic growth than do countries with low inflation rates. Explain what underlies this relationship between inflation and economic growth
What will be an ideal response?
If it is not possible for a pharmaceutical drug maker to sell its generic cholesterol reducing drug along with some name brand cholesterol reducing drugs, we have an example of
A) monopoly due to ownership of key resources. B) monopoly due to governmental entry restrictions. C) monopoly due to economies of scale. D) pure competition.
If the price of good X is $90 and the price of good Y is $30, it follows that the relative price of one unit of good Y is ___________ unit(s) of good X
A) 0.33 B) 1.33 C) 3.00 D) 2.00 E) There is not enough information to answer the question.
Higher nominal interest rates ________ the amount of money demanded and higher real income ________ the amount of money demanded.
A. increase; increases B. decrease; increases C. increase; decreases D. decrease; decreases