In the balance of payments, any transaction that leads to a receipt by a resident of a country or its government is a(n)
A) asset.
B) minus item.
C) deficit item.
D) surplus item.
D
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Inflation is known as a ________ because it ________
A) tax; redistributes goods and services from households and businesses to the government B) revenue; is the only source of business income for the government C) good thing; keeps the value of goods and services increasing D) bad thing; allows people to obtain the wrong kind of wealth E) tax; redistributes goods and services from the government to households and businesses
Monopolistic competition is efficient when compared to
A) perfect competition. B) complete product uniformity. C) the short run. D) the long run. E) None of the above answers is correct.
Compared to Latin America in the 1980s, East Asian countries in the 1990s had
a. higher budget deficits and higher current account deficits b. lower budget deficits and lower current account deficits c. higher budget deficits and lower current account deficits d. lower budget deficits and higher current account deficits e. similar budget and current account deficits
During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be
A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.