Overseas investments by U.S. citizens show up in the U.S. balance of payments as
a. credit items.
b. debit items.
c. current account items.
d. investment income.
b. debit items.
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An export is a product
A) produced in a foreign country and purchased by the residents of the home country. B) produced in the home country and sold in another country. C) produced in and sold to the residents of a foreign country. D) produced in and purchased by residents of the home country.
According to the early Keynesians,
a. the money demand function was unstable; the interest elasticity of money demand was extremely high; and, as a consequence, changes in the quantity of money did not have important predictable effects on the level of economic activity. b. the money demand function was stable; the interest elasticity of money demand was low; and, as a consequence, changes in the quantity of money did not have important predictable effects on the level of economic activity. c. the money demand function was unstable; the interest elasticity of money demand was low; and, therefore, changes in the quantity of money did not have important effects on the level of economic activity. d. the money demand function was stable; the interest elasticity of money demand was high; and, therefore, changes in the quantity of money did have important effects on the level of economic activity.
The Circular Flow Model:
a. Shows that inflation harms consumers and boosts business profitability. b. Proves that inflation reduces the purchasing power of consumers and does not affect businesses. c. Has no application to questions relating to inflation. d. Suggests that when the actual inflation was expected, it may not harm anyone.
The aggregate demand curve ______.
a. slopes upward b. is perfectly vertical c. slopes downward d. is perfectly horizontal