Unilateral transfers are
A) transactions that take place within the geographic boundaries of a country.
B) gifts from residents of one country to foreign residents.
C) transactions that take place across geographic boundaries but in which both participants are citizens of the same country.
D) government transactions that involve reserves.
Answer: B
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Ricardian equivalence argues that when the government
A) increases taxes and raises its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. B) cuts taxes and decreases its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. C) cuts taxes and raises its surplus, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. D) cuts taxes and raises its deficit, consumers anticipate that they will face lower taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving. E) cuts taxes and raises its deficit, consumers anticipate that they will face higher taxes later to pay for the resulting government debt, thus people will raise their own private saving to offset the fall in government saving.
In a long-run equilibrium,
a. only a perfectly competitive firm operates at its efficient scale. b. only a monopolistically competitive firm operates at its efficient scale. c. neither a competitive firm nor a monopolistically competitive firm charges a markup over marginal cost. d. both a perfectly competitive firm and a monopolistically competitive firm operate at their efficient scale of production.
US trade deficit arises from trade in manufactured goods with countries where US has ___ trade agreement in place
A. unregulated B. unratified C. few D. no
When real wages decline, ______.
a. employers must fire workers b. employers can hire more workers c. workers have fewer job opportunities d. workers have lower expenses