A trade deficit means that exports exceed imports over some relevant time period.
Answer the following statement true (T) or false (F)
False
A trade deficit means that imports exceed exports over some relevant time period.
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OPEC, the Organization of Petroleum Exporting Countries, was formed in Baghdad in 1960. Since its formation, this cartel has suffered from a major problem with respect to the quota (limit) of output it assigns each member nation
What is OPEC's goal and what sort of quota do you think the cartel assigns? How and why do nations cheat on their quota? What happens when a nation cheats on its quota?
If real output and velocity are stable and predictable, then the equation of exchange can be used to derive a simple relationship between: a. the money supply and the price level
b. the money supply and the interest rate. c. the money supply and the foreign exchange rate. d. unemployment and aggregate demand. e. unemployment and nominal GDP.
Milk can be used to make yogurt and cheese, other things equal, if consumption starts demanding more yogurt
a. Supply of milk will decrease. b. Demand of milk will increase. c. Answer was NONE are
The graph below depicts a situation where, if the market demand for the product increases, the prices of the resources used by the firms in the industry would:
A. Increase
B. Decrease
C. Stay constant
D. Be set by the government