The current deficit is
A) the deficit minus government investment.
B) the deficit plus net interest payments.
C) the deficit minus current expenditures.
D) the deficit minus depreciation.
A
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Refer to Table 2-25. This table shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland
a. Which country has an absolute advantage in the production of motorcycles? b. Which country has an absolute advantage in the production of guitars? c. What is Ireland's opportunity cost of producing one motorcycle? d. What is Scotland's opportunity cost of producing one motorcycle? e. What is Ireland's opportunity cost of producing one guitar? f. What is Scotland's opportunity cost of producing one guitar? g. If each country specializes in the production of the product in which it has a comparative advantage, which country should produce motorcycles? h. If each country specializes in the production of the product in which it has a comparative advantage, which country should produce guitars?
Bank panics have largely disappeared in the United States because
A) banks are now required to hold a larger fraction of deposits as reserves. B) of low interest rates. C) bank loans are more closely monitored by the Federal Reserve. D) of deposit insurance.
Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is a
A) medium of exchange. B) unit of account. C) store of value. D) unit of specialization.
Which of the following is an income number?
a. M1 b. M2 c. GDP d. cash