In the above table, the fact that there is a minus sign before the number for unilateral transfers means that
A) Country X has significant inflation.
B) Country X imported more goods than it exported.
C) Country X received more in foreign aid than it gave in foreign aid.
D) Country X gave more to foreign residents than foreign residents gave to Country X.
D
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A trade balance where exports exceed imports is called:
A) trade surplus. B) trade deficit. C) budget deficit. D) none of the above.
On the graph above, if the U.S. economy is at point B in 2009, then the economy in 2010 is best represented by point ________
A) A B) B C) C D) D E) any of the labeled points is as good as the others
Policymakers' attempts to use the Phillips curve to reduce the unemployment rate below the natural rate
A) will be successful since the Phillips curve shows the relationship between the inflation rate and the unemployment rate. B) will be successful if monetary policy is used. C) will be unsuccessful if monetary policy is used since monetary policy leads to higher prices. D) will be unsuccessful since workers' expectations adjust to attempts to reduce unemployment below the natural rate.
Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?
a. Private property rights b. Economic freedom c. Scarcity d. Opportunity cost e. Gains from trade