The ________ is divided into two major accounts, the current account and the capital account.
A. GDP
B. national debt
C. balance of payments
D. trade deficit
Answer: C
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The aggregate supply curve is
A) upward sloping. B) downward sloping. C) a vertical line. D) a horizontal line. E) U-shaped.
When a group lobbies for the prevention of free trade, the most likely reason is
A) rent seeking. B) tariff revenue. C) defense against expensive domestic labor. D) preservation of the environment.
Revisions in the interest rate target
a. occur on a daily basis b. have widespread impacts on the financial markets c. require Congressional approval d. are based solely on data gathered in previous quarters e. are a no-lose opportunity for the Fed
Two goods are substitutes when:
a. an increase in the supply of one good causes the demand for the other good to decrease. b. an increase in the demand for one good causes the price of the other good to decrease. c. an increase in the price of one good causes the demand for the other good to increase. d. an increase in the price of one good causes the demand for the other good to decrease.