If foreign firms send profits back to their industrial countries from the developing countries, developing countries will have a larger deficit on their balance of payments accounts
a. True
b. False
Indicate whether the statement is true or false
True
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At the competitive market outcome in the above figure, the
A) producer surplus is equal to $480 million. B) total producer surplus from turkey sales is zero. C) sum of consumer and producer surpluses from turkey is $640 million. D) All of the above answers are correct.
The current exchange rate system for most currencies is described most accurately as one of
a. fixed exchange rates. b. freely flexible exchange rates. c. gold standard rates. d. dirty or managed floating.
Since externalities tend to keep markets from reaching a socially optimal equilibrium, government action
a. is always needed because private solutions can never be attained. b. is needed when private solutions fail to arise. c. will be needed only to correct for positive externalities. d. will be needed only to correct for negative externalities.
The real purchasing power of the average worker's yearly earnings in the United States in 2014 was ________ as in 1960.
A. more than twice as large B. about the same C. about half as much D. five times as large