Net capital outflow equals
a. the value of domestic assets purchased by foreigners.
b. the value of foreign assets purchased by domestic residents.
c. the value of domestic assets purchased by foreigners - the value of foreign assets purchased by domestic residents.
d. the value of foreign assets purchased by domestic residents - the value of domestic assets purchased by foreigners.
d
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Opportunity cost is the __________ alternative forfeited when a choice is made
A) least-valued B) most highly-valued C) most convenient D) most recently considered
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If the Fed buys U.S. Treasury securities, then this
A) increases reserves, causes banks to reduce their loans, and increases the money supply. B) decreases reserves, causes banks to reduce their loans, and decreases the money supply. C) increases reserves, encourages banks to make more loans, and increases the money supply. D) decreases reserves, causes banks to reduce their loans, and increases the money supply.
Specialization occurs because
A) society trades current consumption for future consumption. B) the production possibilities curve tends to be linear. C) people have different skills. D) society produces made the production possibilities curve.