Which of the following statements accurately describes the situation shown?
a. The U.S. balance of trade on goods and services was positive in 2017.
b. The U.S. balance of trade on goods and services was $552 billion in 2017.
c. The United States had a trade deficit in 2017 on goods and services.
d. The United States had a trade surplus in 2017 on goods and services.
c. The United States had a trade deficit in 2017 on goods and services.
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If the economy of Gwondanaland is growing more rapidly than the economy of Japan, most likely
A. Japan has more current investment than Gwondanaland. B. Japan has more government spending than Gwondanaland. C. Japan spends more on capital goods than Gwondanaland. D. Gwondanaland has lower current consumption than Japan. E. Gwondanaland has lower current investment than Japan.
A time series graph
A) uses bars rather than lines. B) is not useful if the goal is to determine a variable's trend. C) shows points that are scattered. D) depicts a series of good economic times a nation had. E) shows how a certain variable changes over time.
Which of the four types of economic decision makers is most important?
a. firms, because they produce all goods and services in the economy b. households, because they demand goods and services and supply resources c. government, because it ultimately sets and enforces the "rules of the game" d. government, because it steps in when there is market failure e. the rest of the world, because there are over 150 countries
Years ago, thousands of country music fans risked their lives by rushing to buy tickets for a Willie Nelson concert at Carnegie Hall. This behavior indicates
a. the ticket price was above the equilibrium price. b. the ticket price was below the equilibrium price. c. the ticket price was at the equilibrium price. d. nothing about the equilibrium price.