The balance of trade for Ireland is measured by which of the following?
a. the value of Irish exported goods and services minus the value of goods and services imported into Ireland
b. the value of income receipts on Irish investments abroad minus income payments on foreign investments in Ireland
c. the value of Irish merchandise exports minus the value of merchandise imports into Ireland
d. the balance on Irish capital account minus the balance on Irish current account
e. the balance on Irish capital account plus the balance on Irish current account
C
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Over the business cycle, factors such as the quantity of capital, human capital and technology
A) change randomly, sometimes growing, sometimes falling. B) change drastically, fluctuating more than the quantity of labor employed. C) fluctuate about the same amount as the quantity of labor employed. D) grow but do not fluctuate as much as the quantity of labor employed. E) do not grow and are therefore not the source of economic growth.
Purchases of foreign assets by U.S. residents are tabulated in the U.S. balance of payments as a:
a. capital inflow. b. capital outflow. c. current account outflow. d. unilateral transfer.
A tax on gasoline reduced consumer and producer surplus by 45 million dollars, but it brought in 35 million dollars in tax revenue. What was the deadweight loss created by this tax?
a. 10 million dollars b. 45 million dollars c. 80 million dollars d. 160 million dollars
GDP per capita is a relatively good measurement of:
A. the distribution of income. B. purchasing power. C. household production. D. the standard of living.