When equilibrium is present in the foreign exchange market, which of the following will tend to be in balance?
What will be an ideal response?
imports plus capital outflow and exports plus capital inflow
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In a closed economy without the government, income equals:
A) aggregate savings plus aggregate investment. B) aggregate consumption. C) aggregate savings. D) aggregate savings plus aggregate consumption.
Expected utility theory assumes that individuals have utility functions over a composite consumption good.
Answer the following statement true (T) or false (F)
If the marginal propensity to consume is 0.6, what is the long-run expenditure multiplier?
a. 0.0 b. 2.0 c. 2.5 d. 10.0 e. 1.0
Which of the following persons is most likely to become informed on the National Endowment for the Arts?
A) an attorney B) a mayor of a city C) a farmer D) a student of agriculture E) a sculptor