How did the global savings glut in the 2000s affect the U.S. current account balance?
A) It caused it to decline by increasing the value of the dollar.
B) It caused it to decline by reducing the value of the dollar.
C) It caused it to increase by increasing the value of the dollar.
D) It caused it to increase by reducing the value of the dollar.
A
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Net public debt is
A) the excess of annual tax revenues over annual government spending. B) the sum owed by the public to keep the Social Security system afloat. C) the portion of government debt held by private individuals and firms. D) the excess of annual government spending over annual tax revenues.
Which of the following is NOT a role of Adam Smith?
A. wrote Wealth of Nations book in 1776 B. believes that prices, self interest, and competition have a role in the economy C. believes in the efficiency of market economies D. argued for laissez faire E. focused on an accumulation of gold
Suppose the economy is operating on the LM curve but not on the IS curve. Given this information, we know that
A) the goods market is in equilibrium and the money market is not in equilibrium. B) the money market and bond markets are in equilibrium and the goods market is not in equilibrium. C) the money market and goods market are in equilibrium and the bond market is not in equilibrium. D) the money, bond and goods markets are all in equilibrium. E) neither the money, bond, nor goods markets are in equilibrium.
Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour. Based on the scenario, Albert's opportunity cost for one hot dog is:
a. 3 hamburgers. b. 1 1/2 hamburgers c. 6 hamburgers d. 4 hamburgers