As a percentage of GDP, imports are greater than exports for which of the following countries?
A) Germany
B) Italy
C) the Netherlands
D) the United States
Answer: D
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Consider a monopolist which sells output in two markets, the home market and the foreign market. Initially the monopolist is unable to price discriminate and sets a single price for both markets
However, the demand in the foreign market is such that at the price the monopoly sets, no goods are sold in the foreign market. If the monopolist is then able to price discriminate, will the overall deadweight loss increase or decrease? Explain.
Which of the following statements is incorrect?
a. The Federal Reserve Open Market Committee determines fiscal policy actions for the Congress. b. The Board of Governors of the Federal Reserve is appointed, not elected. c. The Federal Reserve System was designed to be independent of the executive branch of the government. d. The chairman of the Board of Governors serves a four-year term. e. The Federal Reserve districts are distributed geographically to serve the particular interests of each region.
Unions attempt to raise wage rates for their members by
a. reducing the supply of the product their members produce b. lowering barriers to entry so their members have greater opportunities c. reducing the demand for labor so there are fewer nonunion competitors d. negotiating a higher-than-competitive wage rate e. lowering the marginal product of nonunion labor
If the federal government were to run a budget deficit, this would
a. increase the size of the national debt. b. reduce the size of the national debt. c. leave the size of the national debt unchanged. d. increase the national debt only if the government also expands the supply of money.