If the United States had a financial account deficit of $50 billion, we could say the United States had
A) net imports of $50 billion.
B) net foreign borrowing of $50 billion.
C) acquired net foreign assets of $50 billion.
D) a current account deficit of $50 billion.
C
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Identify whether each of the following topics would be primarily a concern of microeconomics or macroeconomics:
a. The decision by a household to eat in rather than go out for dinner this evening. b. The unemployment rate increased from 4.5% to 4.8%. c. A decision by the Federal Reserve Bank to decrease the supply of money in the economy. d. The general level of prices increased by 5% last year. e. The price of bicycles increased by $30 last year. f. The family restaurant chain closed down after losing much of its customer base to fast-food competitors over the last few years.
To achieve a high standard of living, a nation should: a. increase welfare payments to the poor
b. use less capital and more labor in the production process. c. promote economic growth. d. increase the tax deduction for child dependents.
If the stock market crashes, then the economy will go into a recession.
Answer the following statement true (T) or false (F)
What happens to the absolute value of the marginal rate of substitution as you move down a convex (bowed toward the origin) indifference curve?
A) It could increase or decrease. B) It remains constant. C) It decreases. D) It increases.