Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2010 is
A) 67.1.
B) 84.5.
C) 100.0.
D) 118.3.
C
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Comparing the U.S. balance of payments in 2012 to the rest of the world, we see that the
A) U.S. current account is similar in size to most developed nations and has a deficit. B) United States has the largest current account surplus. C) United States has the largest capital and financial account deficit. D) United States has the largest current account deficit. E) U.S. current account is similar in size to most developed nations and has a surplus.
It is generally claimed that a movement from autarky to free trade consistent with Ricardian comparative advantage increases the economic welfare of each of the trade partners
However, it may be demonstrated that under certain circumstances, not everyone in each country is made better off. Illustrate such a case.
If race-car driving is dangerous, why would any rational person choose to be a race-car driver?
When the United States ran large budget deficits during 2001-2011,
a. private investment was strong and consumer expenditures declined as a percentage of GDP. b. private investment was weak and consumption increased as a share of GDP. c. the trade deficit of the United States shrank, indicating that borrowing from foreigners was declining. d. the deficits were financed exclusively through borrowing from domestic sources.