In 2012, the United States had
A) a current account deficit because imports were greater than exports.
B) a current account deficit and a capital and financial account deficit.
C) a capital and financial account deficit because exports were greater than imports.
D) a current account surplus because imports were greater than exports.
E) no change in U.S. official reserves.
A
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If a country begins to import more of a commodity, one can normally expect the price of the commodity to
A. remain unchanged in that nation. B. rise and then fall below where it was originally. C. rise in that nation. D. drop in that nation.
A problem with using fiscal policy to fine-tune the economy is that
A) agreeing on the appropriate fiscal policy is time consuming. B) fiscal policy impacts the economy too fast. C) fiscal policy impacts only urban areas of the nation. D) fiscal policy impacts only the largest states in the nation.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of apples per 3 tons of oranges: a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other
countries. b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries. c. Karl and Adam will trade apples and oranges with one another. d. Karl and Adam will not specialize or engage in international trade.
The odd-Frank does all of the following except:
A. sets out new rules for financial institutions and markets. B. requires closer government oversight over key establishments called systemically important financial institutions. C. repeals the Glass-Steagall Act of 1933. D. sharply alters the authorities of the government agencies that govern the financial sector.