Using the following numbers, what is Macland’s current account?
Goods: exports $500, imports $365
Services: exports $350, imports $400
Income payments: exports $300, imports $425
Unilateral transfers: exports 0, imports $50
a. -$80
b. $2,390
c. -$90
d.-$225
c. -$90
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If the AD and AS curves intersect in the upward-sloping segment of the AS curve, and then OPEC raises oil prices by 300 percent, we should expect to see the price level
a. rise and real GDP to rise b. rise and real GDP to fall c. rise and the unemployment rate to fall d. fall and real GDP to rise e. fall and the unemployment rate to rise
Suppose the tax on gasoline is decreased from $0.60 per gallon to $0.40 per gallon. As a result,
a. tax revenue necessarily decreases. b. the deadweight loss of the tax necessarily decreases. c. the demand curve for gasoline necessarily becomes steeper. d. the supply curve for gasoline necessarily becomes flatter.
Which of the following describe how China’s Southern School of painting differed from the Northern School?
A. abstraction and inventive themes B. ink painting and conservative themes C. linear representations and orthodox themes D. rich color and traditional themes
Between 1860 and 1914, the concentration of industrial power did increase. What did members of the general public perceive to be the result of this heavy concentration?
(a) Expanded output (b) Lower prices (c) A transfer of income away from consumers toward big businesses (d) All of the above