Peru has exports of $31.5 million and imports of $30 million. Peru
a. sells more overseas then it buys from overseas; it has a trade deficit.
b. sells more overseas then it buys from overseas; it has a trade surplus.
c. buys more from overseas then it sells overseas; it has a trade deficit.
d. buys more from overseas then it sells overseas; it has a trade surplus.
b
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A company does not need to know the price of each resource it employs if it wants to determine whether or not it is achieving
A) technological efficiency. B) economic efficiency. C) accounting efficiency. D) managerial efficiency.
A firm in monopolistic competition that is maximizing profit ________
A. always makes a positive economic profit in the short run B. never needs to shut down because its price always exceeds minimum average variable cost C. might, in the short run, sell at a price that is less than average total cost D. shuts down temporarily if it incurs a loss equal to total variable cost
Demand curves are negatively sloped when people buy:
A. less as the price decreases. B. more as the price increases. C. less as incomes decrease. D. more as the price decreases.
To close a recessionary gap using fiscal policy, the government can:
A. increase government spending by the size of the gap. B. decrease government spending by the size of the gap. C. increase government spending by more than the size of the gap. D. increase government spending by less than the size of the gap.