If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A) positive.
B) unaffected.
C) negative.
D) zeroed out.
C
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When will consumers' surplus overstate the actual gains received by consumers?
a. When allocation decisions are not made on the basis of price. b. When the commodity is not equally divided among consumers. c. When all consumers place the same marginal value on the good. d. When the distribution of goods is Pareto optimal.
Supply-side inflation could be caused by which of the following?
A) an increase in aggregate demand B) a decrease in aggregate demand C) an increase in long-run aggregate supply D) a decrease in long-run aggregate supply
In macroeconomics, the long run is determined by:
A. how long it takes for prices of inputs to adjust through the whole economy. B. how long it takes for firms to vary all input quantities. C. the longest contract length of a business. D. how long it takes for output decisions to adjust to changes in economic conditions.
Inferior goods have negative income elasticities
a. True b. False Indicate whether the statement is true or false