A surplus item is
A. the import or export of products that are by-products of the manufacturing of export goods.
B. the import of goods or services that is not needed by residents of a country.
C. any transaction that leads to a payment by a resident of a country or its government.
D. any transaction that leads to a receipt by a resident of a country or its government.
Answer: D
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The total U.S. labor force excludes those
a. under age 20. b. under age 18. c. under age 16. d. over age 70.
Consider a market that is in equilibrium. If it experiences an increase in supply, what will happen? The supply curve will shift to the:
A. right and the equilibrium price will decrease and the equilibrium quantity will increase. B. left and the equilibrium price and quantity will fall. C. right and the equilibrium price and quantity will fall. D. right and the equilibrium price and quantity will rise.
From the following, identify a reason for increased income inequalities in the U.S.
A. Increase in the profitability of capital markets B. Increase in labor-intensive manufacturing jobs C. Increase in the inheritance tax rates D. Increase in the tax rates on carried interests
Most economists agree that a majority of recessions are caused by supply shocks
Indicate whether the statement is true or false