Answer the following statements true (T) or false (F)
1) Refer to the given data. In 2008 Transylvania realized a $1 billion surplus on goods and services.
2) Refer to the given data. In 2008 Transylvania was a net recipient of transfers from the rest of the world.
3) Refer to the given data. Foreigners made a larger volume of asset purchases in Transylvania in 2008 than Transylvanians made asset purchases abroad.
4) Refer to the given data. Transylvania realized a financial and capital account deficit in 2008.
5) R
1) T
2) T
3) F
4) T
5) T
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Which of the following examples best describes the Law of Supply?
A) When the cost of production of cotton increased, all suppliers' willingness to accept decreased. B) When the market price of pens increased, sellers started supplying more pens. C) When the cost of production of cotton fell, the market price of cotton also fell. D) When the market price of pens increased, sellers started supplying fewer pens.
A White House proposal to increase infrastructure spending on roads, rail lines and runways is an example of
A) expansionary fiscal policy. B) insourcing policies. C) automatic stabilization. D) contractionary fiscal policy.
Which of the following include the four basic resources supplied by households?
a. natural resources, labor, intelligence, capital b. money, labor, natural resources, entrepreneurial ability c. intellectual ability, physical ability, money, natural resources d. labor, capital, intelligence, entrepreneurial ability e. labor, natural resources, entrepreneurial ability, capital
Short-run macroeconomic equilibrium occurs at the point of intersection of the short-run aggregate supply curve and the short-run aggregate demand curve
a. True b. False Indicate whether the statement is true or false