The balance of payments includes all of the following accounts except
A) the national debt account. B) the financial account.
C) the capital account. D) the current account.
A
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In dollar value, the nominal GDP in the United States is
a. between 5 and 6 billion. b. between 8 and 9 billion. c. between 8 and 10 trillion. d. between 13 and 15 trillion.
Nearly every society desires to achieve the macroeconomic goals of high employment, a stable price level, and high economic growth
a. True b. False Indicate whether the statement is true or false
If something is used as a measure of value, then a necessary condition is that it must
a. serve as a yardstick for measuring the value of other goods b. be a precious metal, such as gold or paper money c. be convertible into gold d. be used in barter exchange e. be accepted as payment for any purchase
Geometrically, the marginal product
A. is the slope of the average product curve. B. is the slope of the line joining the origin to the corresponding point on the total product curve. C. is that point at which the total product curve exhibits diminishing returns. D. at any point is the slope of the total product curve at that point.