Which of the following is NOT a category in the U.S. balance of payments account?
A. financial account
B. official reserve transactions account
C. past-due account
D. current account
Answer: C
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The set of all baskets of inputs that can be employed at a given cost defines a(n)
a. isoquant curve. b. isocost curve. c. expansion path. d. production function exhibiting constant returns to scale.
Real per capita GDP in the United States in 2015 was approximately
A. $16,349. B. $47,845. C. $50,820. D. $16.3 trillion.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
At macroeconomic equilibrium,
a. total investment equals total inventories. b. total spending equals total production. c. total consumption equals total production. d. total taxes equal total transfers.