Suppose a war in the Middle East interrupts the flow of crude oil and oil prices skyrocket around the world. For economists, this historical episode serves as a


natural experiment.

Economics

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Domestic investment – Private domestic savings – Public domestic savings = Trade _________.

a. level b. balance c. surplus d. deficit

Economics

Where the income line intersects the consumption curve, saving

a. equals consumption b. equals income c. is less than zero d. is equal to zero e. is greater than zero

Economics

The government can internalize externalities by taxing goods that have negative externalities and subsidizing goods that have positive externalities

a. True b. False Indicate whether the statement is true or false

Economics

In the United States, the size of the underground economy is estimated to be as much as $2 trillion

Indicate whether the statement is true or false

Economics