Which of the following statements about the United States was true as of 2007?
A) It was the world's largest exporter.
B) It had the world's largest deficit in its current account.
C) It had the world's largest surplus in its current account.
D) None of the above are true.
B
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The basis for trade is comparative advantage, not absolute advantage
Indicate whether the statement is true or false
Refer to Scenario 1. Is the slope coefficient statistically different from zero?
A) No. B) Yes. C) Inconclusive. D) None of the above.
Define the following terms and explain why they are important in the study of economics. a. Efficient allocation b. Laissez-faire c. Peak pricing d. Input-output analysis e. Coordination tasks
What will be an ideal response?
One of the basic trade-offs inherent in designing a tax system is between:
A. surplus and revenues. B. supply and demand. C. efficiency and equity. D. price and quantity.