Using the information in the table above, net exports equals
A) $1,370 billion.
B) $650 billion.
C) $20 billion.
D) -$70 billion.
D
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If consumers buy only gasoline and food, at their best affordable choice the marginal rate of substitution between food and gasoline ________ the relative price of food and gasoline
A) must exceed B) must be less than the C) must equal D) might exceed or be less than but not equal to
Beginning from a position of long-run equilibrium at the full-employment level of real GDP, the economy's short-run response to an increase in the aggregate demand curve would be:
a. a movement upward along the short-run aggregate supply curve. b. a movement upward along the long-run aggregate supply curve c. a downward shift in the short-run aggregate supply curve. d. a shift in both the aggregate demand curve and the short-run aggregate supply curve with a movement along the long-run aggregate supply curve. e. no change, since the economy is already in equilibrium.
The Fed typically decreases the money supply by
a. selling government bonds b. buying government loans c. selling government loans d. printing more currency e. buying government bonds
The labor market is composed of
a. a relatively homogeneous supply of labor and downward-sloping demand curve. b. a vertical supply curve for labor and relatively elastic market demand. c. many submarkets for labor of different types. d. more teenagers than any other age group of labor.