During the years 1970-1986, the merchandise balance of trade in the U.S. shifted from a
A. trade deficit to a trade surplus.
B. small trade deficit to a large trade surplus.
C. trade surplus to a large trade deficit.
D. small trade surplus to a large trade surplus.
C. trade surplus to a large trade deficit.
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Under alternative scenarios, the national debt as a percentage of GDP is projected to rise dramatically
a. True b. False
The first claim on a corporation's after-tax profits is held by the
a. consumers b. managers c. stockholders d. bondholders e. government
As the world economy grew during the 1920s, the gold standard proved to be:
A) a real problem because the quantity of gold could not keep pace with economic expansion, resulting in severe deflation. B) a boon to importers and exporters. C) highly inflationary. D) well-suited to new methods of transferring gold stocks between nations.