All of the following are surplus items on the balance of payments accounts EXCEPT
A) U.S. residents purchases of gold from foreign residents.
B) foreign tourists spending funds in the United States.
C) exports of merchandise.
D) sales of U.S. dollars to foreign residents.
Answer: A
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Which of the following is likely to shift the demand curve for workers in rice farms to the right, assuming all else equal?
A) A decrease in the price of rice B) An increase in the price of rice C) An increase in the wage rate D) A decrease in the wage rate
Suppose Barbara looks out in the morning and sees a clear sky so decides that a picnic for lunch is a good idea. Last night the weather forecast included a 100% chance of rain by midday but Barbara did not watch the local news program
Is Barbara's prediction of good weather at lunch time rational? Why or why not?
Labor-market discrimination is evident when
a. wages of individuals differ on the basis of some recognizable attribute that is unrelated to productivity. b. wage rates differ for similar jobs. c. consumers prefer to shop at some stores, and not at others. d. wages reflect workers' human capital.
In Figure 10.1, suppose this economy is in equilibrium at point a and QF represents full employment output. Which of the following statements is true?
A. Inventories are falling. B. The economy is experiencing serious inflation problems. C. Inventories are accumulating. D. There is no GDP gap.