A country that borrows more from the rest of the world than it lends to it in a year is called a ________, and a country that lends more to the rest of the world than it borrows from it in a year is called a ________
A) borrower; lender
B) importer; exporter
C) net borrower; net lender
D) gross borrower; gross lender
C
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Gross public debt is
A) the total value of budget deficits plus budget surpluses over the past five years. B) an excess of government spending over government revenues during a given time period. C) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. D) all federal government debt irrespective of who owns it.
In June 2008, $1 bought 104 yen and in October, $1 bought 93 yen. This change means
A) U.S. exports became more expensive for Japanese buyers. B) there will be a movement down along the demand curve for dollars. C) there was an increase in the value in the dollar, relative to the yen. D) the dollar appreciated relative to the yen.
Interest rates fall and investment falls. Which of the following could explain these changes?
a. The government goes from a surplus to a deficit. b. The government repeals an investment tax credit. c. The government replaces a consumption tax with an income tax. d. None of the above is correct.
If we follow the laissez-faire prescription and allow wages, prices, and interest rates to vary in the economy, then which of the market self-adjustments below would help close a contractionary gap in the absence of government policy intervention?
a. Fall in product price b. Increase in product price c. Increase in interest rate d. Fall in wage rate