A ________ occurs when a country's imports exceed its exports
A) budget surplus B) trade deficit C) trade surplus D) fiscal deficit
B
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Free markets promote all of society’s goals.
Answer the following statement true (T) or false (F)
A social system could eliminate profits and losses if it could
A) eliminate greed and selfishness. B) eliminate uncertainty. C) fix all prices to reflect opportunity costs. D) fix all prices to reflect the value of the labor embodied in goods. E) tax all receipts above cost and redistribute them to firms unable to cover all their costs.
Traditional Keynesians tend to favor
a. monetary policy over fiscal policy because of the effectiveness of central banks. b. monetary policy over fiscal policy because it reduces interest rates.. c. fiscal policy over monetary policy because it doesn't impact interest rates. d. fiscal policy over monetary policy because of the liquidity trap. e. none of the above.
Refer to the diagram. Flow 1 represents:
A. wage, rent, interest, and profit income.
B. land, labor, capital, and entrepreneurial ability.
C. goods and services.
D. consumer expenditures.