Which of the following is a surplus item in the U.S. current account?
A) The U.S. government reduces the tariff rates on some imported goods.
B) IBM pays dividends to British shareholders.
C) Finn vodka becomes more popular in the United States.
D) The U.S. government cuts back on military personnel stationed in S. Korea.
D
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The price elasticity of demand is a measure of the
A. relationship between price and profitability. B. sensitivity of a good's price to changes in demand. C. responsiveness of buyers of a good to changes in its price. D. effect of changes in demand on the price.
According to the Bureau of Labor Statistics, a person who does not have a job and has not been actively looking for a job in the past four weeks is considered
A) unemployed. B) employed. C) not in the labor force. D) underemployed.
Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
When government expenditures in a given year exceed tax receipts, there exists
A. a budget surplus. B. a budget deficit. C. public revenue. D. full-employment taxation.