The ________ measures the sum of the current account balance plus the nonofficial financial account balance.
A. official fiscal balance
B. nonofficial capital balance
C. current financial balance
D. official settlements balance
Answer: D
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A straight-line production possibilities curve takes this shape because
A. resources are better suited for producing one output than another. B. resources are fixed. C. the opportunity cost of producing more of a good is decreasing. D. the opportunity cost of producing a good is constant.
The effective owner of a resource is the person who
A) can appropriate the income that arises from selling the services of the resource. B) enjoys physical possession of the resource. C) has legal title to the resource. D) has mixed the resource with individual effort to create private property.
In the market for bank reserves, the supply of reserves is
A. a downward sloping curve. B. an upward sloping curve. C. a horizontal curve. D. none of these.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential