The current account balance includes not only goods and services transactions but also________________ and ______________.
Fill in the blank(s) with the appropriate word(s).
Answer: net investment income and net transfers.
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Which of the following events in U.S. history did not create economic growth (shift the production possibilities curve outward)?
A. The Louisiana Purchase in 1803 that nearly doubled the land mass of the United States. B. Inventions of machines such as Cyrus McCormick's mechanical reaper. C. The introduction of the moving assembly line in automobile production by Henry Olds. D. The dramatic reduction in the U.S. unemployment rate from 1939 to 1941 as we prepared to enter World War II.
The figure above shows the market for coffee. When the efficient quantity of coffee is produced, the marginal social benefit from the last pound is
A) $1.00. B) $2.50. C) $3.00. D) $4.00.
An example of an implicit cost is
A) payment of a salary to a CEO of a company. B) a business using a building owned by the business owner. C) a payment to a resource owner. D) the payment of interest on a bond.
Open market operations are
a. when U.S. treasury bonds are bought or sold in the private market. b. when the Fed changes the reserve requirement rate. c. when the Fed buys or sell U.S. treasury bonds. d. when U.S. treasury bonds are issued by the U.S. government.