An economic system is
A. a way to create new resources.
B. a mechanism to allocate scarce resources.
C. an organization that generates profits.
D. the universe of all resources.
Answer: B
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A country which incurs a current account deficit will most likely have a financial or capital account surplus
Indicate whether the statement is true or false
If Americans became more pessimistic about the economy, what would happen to the consumption-income line?
a. A rightward movement along the line b. A leftward movement along the line c. The entire line would shift upward d. The entire line would shift downward e. The entire line would shift downward and there would be a rightward movement along the new line
The most common type of tariff is the export tariff.
a. true b. false
The world's two main free trade areas (or organizations) are ____________ and ________________.
Fill in the blank(s) with the appropriate word(s).