Which of the following would contribute to a positive trade balance for a country?
A) having tourists visit the country
B) importing textiles
C) having foreign residents buy the government bonds of the country
D) importing financial services
Answer: A
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Under British rule, colonists were considered British subjects and had most of the same rights of British citizens
Indicate whether the statement is true or false
During a recession, the political incentive structure will encourage politicians to
a. undertake sound economic policies that are consistent with stability and growth. b. adopt any policies, even bad ones, that give the appearance of taking action. c. undertake policies that promote long-term economic growth rather than short-term benefits. d. do nothing and let the recession run its course.
Balancing new government purchases with an equivalent increase in taxes will avoid stimulus to the economy.
Answer the following statement true (T) or false (F)
Economists use abstract models because:
A. every economic situation is essentially the same, so specific details are unnecessary. B. every economic situation is unique, so it is impossible to make generalizations. C. they are useful for describing general patterns of behavior. D. computers have allowed economists to develop abstract models.