A system of accounts that measures the transactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period is the
A) capital account.
B) current account.
C) balance of payments.
D) balance of trade.
C
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In the above figure, the y-coordinate of point b is
A) 1. B) 2. C) 3. D) 14.
In general, a higher real wage rate decreases the quantity of labor supplied because fewer people enter the labor force
Indicate whether the statement is true or false
If the demand for money is insensitive to the interest rate, then the most effective expansionary policy would be
a. fiscal policy. b. monetary policy. c. neither fiscal nor monetary policy. d. both fiscal and monetary policy.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for Canada is:
A. ½ pair of shoes for every 2 apples. B. 2 pairs of shoes for each apple. C. ½ apple for each pair of shoes. D. 2 apples for each pair of shoes.