Which of the following statements best describes the expected pattern of trade imbalances?
a. The expected pattern of trade imbalances in the world economy has been that low-income economies will run trade surpluses, while middle and high-income economies will run trade deficits.
b. The expected pattern of trade imbalances in the world economy has been that low and middle-income economies will run trade surpluses, while high-income economies will run trade deficits.
c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits.
d. The expected pattern of trade imbalances in the world economy has been that low and high-income economies will run trade surpluses, while middle-income economies will run trade deficits.
c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits.
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If the Japanese government enters the foreign exchange market and purchases yen to maintain a specific exchange rate with the dollar, the dollar will ________ and the yen will ________
A) depreciate; depreciate B) depreciate; appreciate C) appreciate; depreciate D) appreciate; appreciate
Of the following, the largest source of revenue for the federal government is
A) personal income taxes. B) sales taxes. C) corporate income taxes. D) property taxes. E) lottery revenue.
If a nation follows a policy of being self-sufficient, its:
a. production possibilities equal its consumption possibilities. b. consumption possibilities are greater than its production possibilities. c. production possibilities curve shifts rightward. d. consumption possibilities are less than its production possibilities.
According to utilitarian justice, the redistribution of income from the rich to the poor causes
A. the marginal utility of both the rich and the poor to decrease. B. an increase in total utility because of the law of decreasing marginal utility. C. the rich to sacrifice a lot and the poor to gain a little. D. the marginal utility of both the rich and the poor to increase.