If Saudi Arabia had negative net exports last year, then it
a. sold more abroad than it purchased abroad and had a trade surplus.
b. sold more abroad than it purchased abroad and had a trade deficit.
c. bought more abroad than it sold abroad and had a trade surplus.
d. bought more abroad than it sold abroad and had a trade deficit.
d
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In general, a nation can enjoy a higher standard of living by ________ than by being self-sufficient.
A. specialization and trading B. taxing imported goods C. increasing its versatility D. avoiding trade with other nations
Refer to Figure 5-1. At the efficient equilibrium,
A) economic surplus is minimized. B) economic surplus is maximized. C) economic surplus is zero. D) economic surplus is negative.
A Japanese firm exporting finished products to the United States will be a demander of U.S. dollars and a supplier of Japanese yen in the foreign exchange market
a. True b. False Indicate whether the statement is true or false
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.