The term "balance of trade" refers to a nation's:
a. goods exports minus imports.
b. current account balance.
c. capital account balance.
d. net balance of all international transactions.
a
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Suppose The United Bank of Glassen has loaned $250 to Mr. Joseph Langdon for his business. Mr. Langdon repays the loan with a check written against his own bank, Rexan Bank. Which of the following is likely to happen as a result of this transaction? a. The reserves at the United Bank of Glassen will fall
b. The reserves at Rexan Bank will increase. c. Checkable deposits at Rexan Bank will increase. d. Rexan Bank will make more loans than before. e. The reserves and checkable deposits of Rexan Bank will decrease.
Economies of scale suggests that as the level of production:
a. decreases, the average cost of producing each individual unit increases. b. increases, the average cost of producing each individual unit increases. c. decreases, the average cost of producing each individual unit declines. d. increases, the average cost of producing each individual unit declines.
The Earned Income Tax Credit is
A. a non-refundable tax credit. B. a very simple program that is widely understood. C. only a small program and claimed by very few households annually. D. available only to low-income families.
Which idea is inconsistent with pure competition?
A. Price-taking behavior B. Product differentiation C. Freedom of entry or exit for firms D. A large number of buyers and sellers