The U.S. negative balance of trade was almost ________ in 2008.
A. $200 billion
B. $400 billion
C. $600 billion
D. $800 billion
B. $400 billion
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One key purpose of fiscal policy is to ________ volatility in the business cycle.
A. reduce B. maintain C. eliminate D. increase
All of the following are examples of off-balance sheet activities that generate fee income for banks EXCEPT
A) foreign exchange trades. B) guaranteeing debt securities. C) back-up lines of credit. D) selling negotiable CDs.
Moving Water Around The San Diablo dam has electricity generating turbines on a chute that connects lower and upper reservoirs. During the day, water is drained from the upper reservoir to the lower to produce electricity. But at night, electricity is used to pump the water back up to the upper reservoir. Since the water is just going back and forth, how can wealth be generated?
If a nation starts out with very little capital
A. it is doomed to eternal poverty because it will not be able to divert productive resources from producing consumer goods to producing capital goods. B. it can quite easily divert some resources from producing consumer goods to producing capital goods. C. if it possesses a valuable commodity that the industrial world wants such as oil, it can sell its oil in exchange for plant and equipment and thus industrialize. D. None of the choices are true.