The merchandise trade balance measures
a. the value of goods and services exported
b. the value of all goods and services exported minus the value of all goods and services imported
c. the value of all goods and services exported minus the value of all goods and services imported, and transactions to finance the difference
d. the value of all tangible products exported minus the value of all tangible products imported
e. the value of all tangible products exported minus the value of all tangible products imported, and transactions to finance the difference
D
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Which of the following multinational agreements allows the international movement of workers?
a. NATO b. The European Union c. The group of G-8 d. NAFTA e. The United Nations Accords
There are three prerequisites to creating money. They are
a. currency, homogeneity, volatility b. fractional reserve system operating with financial intermediaries, people willing to make demand deposits, borrowers prepared to take out loans c. Federal Reserve Notes, willing creators of demand deposits, investment managers d. banks loaning new deposits to other banks, borrowers who create M1, a need for a store of value e. excess reserves, reserve requirements, financial intermediaries
What are productive resources? Give examples of each.
What will be an ideal response?
Which of the following statements about the way markets allocate resources is most accurate from society's perspective?
A. Markets always fail to allocate resources properly, so we must rely on the government to determine the proper use of our resources. B. The market may not always allocate resources in a way that is in society's best interest. C. Resource allocation by markets may not be perfect, but it is always better than government allocation of resources. D. The market always allocates resources in the best way.