What is the difference between the balance of trade and the balance of payments?
A. The balance of payments is only part of the balance of trade.
B. The balance of trade is only part of the balance of payments.
C. The two are different parts of the balance of merchandise accounts.
D. The two are different parts of the balance of financial and capital accounts.
Answer: B
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Why is the value added by each producer included in the calculation of GDP instead of his sales revenue?
What will be an ideal response?
Suppose the dollar rises from 100 to 125 yen. As a result,
a. imports from Japan will likely increase. b. exports to Japan will likely increase. c. Japanese tourists will be more likely to visit the United States. d. U.S. businesses will less likely use Japanese shipping lines to transport their products.
Market power and externalities are examples of market failures
a. True b. False Indicate whether the statement is true or false
If the natural unemployment rate is 5.5 percent, then the economy is in an inflationary gap when the actual unemployment rate is
A) greater than 5.5 percent. B) less than 5.5 percent. C) 0 percent. D) 5.5 percent.