A nation that currently has a surplus in its current account is called a
A) creditor nation.
B) debtor nation.
C) net borrower.
D) net lender.
E) capital account surplus nation.
D
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Tom enjoys drinking Diet Coke with his lunch, but his enjoyment decreases after each glass he consumes. This is an illustration of
A. diminishing marginal utility. B. the income effect. C. the substitution effect. D. consumer sovereignty.
There is no relationship between the price level and which component of GDP?
A. C B. I C. G D. NX
For Antonio, the income effect of an interest-rate increase is stronger than the substitution effect. In response to a higher interest rate, will Antonio save more or will he save less?
Which would best explain a decrease in both the price and the quantity of a product over a period of time?
A. A decrease in people's incomes, and the product is an inferior good B. A long strike by workers who make the product C. A decrease in the price of a substitute good D. A technological improvement in production methods