When exports exceed imports there is a(n):
A. trade balance.
B. trade surplus.
C. output gap.
D. trade deficit.
Answer: B
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Suppose the equilibrium wage rate for apricot pickers is $9.00 per hour in California and at that wage rate the equilibrium quantity of apricot pickers is 14,000. If the minimum wage is set at $7.50 per hour, then the
A) quantity of apricot pickers employed increases. B) quantity of apricot pickers employed decreases. C) quantity of apricot pickers employed does not change. D) wage rate for apricot pickers increases. E) some apricot pickers are unemployed.
If it is impossible or very costly to exclude nonpaying customers from receiving a good, the good is considered to be
a. freeware. b. nonexcludable. c. a common good. d. a receiving good.
Which one of the following statements is true?
a. A low discount rate is always better for environmental protection b. A high discount rate is always better for environmental protection c. A discount rate of zero is always best for environmental protection d. Discounting will decrease the magnitude of future costs and benefits e. High discount rates should be used to evaluate long-term impacts