If U.S. buyers purchased $500 billion of foreign goods and foreign buyers purchased $400 billion of U.S. goods, the U.S. balance of trade would be:
A. ?$100 billion.
B. $100 billion.
C. $400 billion.
D. -$500 billion.
Answer: A
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What is the cross-price elasticity between beef and vegetables for a strict vegan when the price of vegetables increases?
A. Zero B. Either zero or negative depending on whether the vegan eats less vegetables. C. Positive D. Negative
The law of increasing costs causes the production possibilities curve to be bowed outward from the origin
Indicate whether the statement is true or false
The demand curve for labor shows what?
a. The demand for labor is immune to wage pressures. b. There is a negative relationship between wage and quantity. c. The supply of labor is higher at higher wage levels. d. There is a positive relationship between wage and quality.
Suppose that a monopoly is currently producing the quantity at which marginal revenue is less than marginal cost. The monopoly can increase its profit by
A) shutting down. B) lowering its price and increasing its output. C) raising its price and decreasing its output. D) lowering its price and decreasing its output. E) not changing its price and increasing its output.