A trade balance where exports exceed imports is called:
A) trade surplus.
B) trade deficit.
C) budget deficit.
D) none of the above.
A
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In 2008, the U.S. current account balance was -$706 billion, net interest was +$119 billion, net transfers were -$128 billion, and exports were +$1,827 billion. Therefore, imports were
A) -$1,112 billion. B) +$1,112 billion. C) -$2,524 billion. D) +$2,780 billion. E) +$2,524 billion.
In response to the overvalued dollar in the early 1970s, the German Bundesbank bought ________ and sold ________ to keep the exchange rate fixed, gaining international reserves
A) marks; dollars B) marks; pounds C) dollars; marks D) dollars; pounds
Which of the following is LEAST likely to be a reason for firms to form a cartel?
A) to maximize profits of the cartel B) to raise competition among firms in the cartel C) to cut back output of the cartel D) to set common prices among firms in the cartel
An increase in the marginal tax on labor income, increases the supply of labor.
a. true b. false