Immediately after World War II, the United States ran trade:
A. deficits and was an international borrower.
B. deficits and was an international lender.
C. surpluses and was an international borrower.
D. surpluses and was an international lender.
Answer: D
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Refer to the figure above. The region PCCAF shows the ________ after the imposition of the price ceiling
A) government revenue B) consumer surplus C) producer surplus D) deadweight loss
The Brander-Spencer model identified market failure in certain industries due to
A) unfair competition. B) wildcat destructive competition. C) environmental negative externalities associated with pollution. D) limited competition. E) lack of excess returns.
At every point on the IS curve, the level of income on the horizontal axis equals
A) planned autonomous spending. B) planned autonomous spending times the multiplier. C) planned autonomous spending divided by the multiplier. D) planned expenditures times the multiplier.
When the consumer spends a large portion of her income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.