The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the
a. balance of income statement.
b. balance of payments.
c. balance of trade.
d. trade deficit.
b. balance of payments.
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Which of the following statements is TRUE?
A) Bank failures inflict serious financial harm on individual depositors. B) Bank failures do not inflict serious financial harm on individual depositors. C) Bank failures inflict not only serious financial harm on individual depositors, but also harm the macroeconomic stability of the economy. D) Bank failures inflict serious financial harm on individual depositors, but fortunately do not harm the macroeconomic stability of the economy. E) Bank failures only inflict serious financial harm on the macroeconomic stability of the economy.
Suppose a negative income tax program is established at 25 percent, and a poverty threshold minimum of $15,000 is guaranteed for a family of four. What is the highest income a family could earn in the workplace before being cut out of the government program?
a. $20,000 b. $15,000 c. $18,750 d. $60,000 e. $10,000
In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is available at zero opportunity cost. B. does not exhibit diminishing marginal returns. C. is rationed by some non-monetary method. D. is not a scarce resource.
If an economy is closed and wishes to increase its investment spending:
A. its only source of funding is domestic saving. B. its sources of funding are domestic and foreign saving. C. the government will need to increase its spending to provide for this. D. the government will increase taxes to provide for this.