The net increase in a country's stock of international reserves over a year is called a(n):
A. trade surplus.
B. balance-of-payments deficit.
C. balance-of-payments surplus.
D. trade deficit.
Answer: C
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If the velocity of the M1 money supply is 4 and nominal GDP is $200 billion, the stock of money in circulation must be:
a. $25 billion. b. $50 billion. c. $100 billion. d. $800 billion.
Which of the following is an example of a deficiency caused by a regulatory approach to pollution?
a. ignored information provided by market signals b. special interest influence on policies c. lack of accountability by regulators for costs of regulation d. all of the above
For a monopoly, the level of output at which marginal revenue equals zero is also the level of output at which
a. average revenue is zero. b. profit is maximized. c. total revenue is maximized. d. marginal cost is zero.
Adam Smith
a. and David Ricardo both opposed free trade b. opposed free trade, but David Ricardo supported it c. supported free trade, but David Ricardo opposed it d. and David Ricardo both supported free trade