Spending for ______ is heavily influenced by international tensions.
a. Social Security
b. local grants
c. transfer payments
d. defense
d. defense
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The income elasticity of demand is a measure of the responsiveness of the
A) quantity of a good demanded to changes in income. B) consumer's income to a change in the price of the goods he or she consumes. C) quantity of a good demanded to changes in its price. D) quantity of a good demanded to changes in another good's price.
In an open economy, the current account balance equals ________. (Assume that the capital account is zero and net transfers are zero.)
A) net foreign investment + domestic investment B) net foreign investment C) net capital outflows D) the financial account balance + net income on investments
A point inside a nation's production possibilities curve can represent:
a. a recession. b. an increase in population size. c. an economic growth. d. a technological advancement. e. an improvement in living standards.
An increase in the exchange rate for a currency will increase the demand for that currency
Indicate whether the statement is true or false