What most accurately describes the U.S. balance of payments?
a. From 1850-1873 the U.S. had an unfavorable balance of payments, but exports exceeded imports from 1873-1919.
b. The U.S. had an unfavorable balance of payments from 1850-1919.
c. Exports exceeded imports from 1850-1919
d. The U.S. had a favorable balance of payments from 1874 until World War I. During the war U.S. imports exceeded imports.
a. From 1850-1873 the US had an unfavorable balance of payments, but exports exceeded imports from 1873-1919.
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Which of the following is NOT an assumption of the classical system?
A) Wages and prices are inflexible. B) Pure competition exists. C) There is no money illusion. D) People are motivated by self interest.
If a perfectly competitive industry is neither expanding nor contracting, we would typically expect that: a. accounting profits to be zero
b. economic profits to be zero. c. the price of the good will be stable d. both (b) and (c) would be true.
Refer to the graph shown. The shift in the graph from D1 to D2 shows how an expansionary U.S. fiscal policy can cause an increase in:
A. interest rates that reduce the dollar's value. B. prices that raise the dollar's value. C. prices that reduce the dollar's value. D. interest rates that raise the dollar's value.
Travel websites such as Travelocity tend to offer reservation services for multiple travel modes. This is because
A) the firms have contractual obligations to offer reservations for airlines and railroads, for example. B) the firms have statutory obligations to offer reservations for airlines and railroads, for example. C) once the firm has the reservation technology for airlines, there are economies of scale in offering the same service for railroads. D) once the firm has the reservation technology for airlines, there are economies of scope in offering the same service for railroads.