When a nation is said to be running a balance of payments surplus, this means its
A) official settlements balance is positive.
B) trade balance is positive.
C) net financial account balance is positive.
D) current account is positive.
A
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Suppose the Fed buys $1 billion worth of bonds and the required reserve ratio is 10%. In the theoretical limit, the money supply could
A) decrease by $1 billion. B) increase by $1 billion. C) decrease by $10 billion. D) increase by $10 billion.
Refer to Figure 4-1. If the market price is $2.00, what is Arnold's consumer surplus?
A) $0.50 B) $1.00 C) $1.50 D) $3.00
When differences in land quality and access to marketplaces are very large and population grows rapidly, the conditions are ripe for
a. increasing differential and location rents b. decreasing differential and location rents c. decreasing differential rents and increasing location rents d. increasing differential rents and decreasing location rents e. marginal physical product of land to increase
When a firm cheats in a cartel, it assumes that: a. other firms will also change their output. b. other firms will not change their output. c. the price of the good will not change
d. the price of the good will change.