U.S. imports are:
A. U.S. goods sold to Americans.
B. U.S. goods sold to foreigners.
C. Foreign and U.S. goods sold to foreigners, but consumed in the U.S.
D. Foreign goods bought by Americans.
Answer: D
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Refer to the scenario above. The price of a basket of goods worth $1 in the U.S. is ________ in Country 1
A) 50 karls B) 5 karls C) 20 karls D) 25 karls
A negative balance in the capital and financial account means the economy is
A) lending to the rest of the world. B) running a capital account surplus. C) borrowing from the rest of the world. D) importing more than it is exporting.
When the price of a resource goes up and firms seek other suitable resources, this is called the
a. substitution in production effect. b. substitution in demand effect. c. elasticity effect. d. inelasticity effect.
What is a natural monopoly? Why is government justified in regulating a natural monopoly?
What will be an ideal response?