A negative value for the U.S. official reserve assets line in the balance of payments accounts means that
A. the U.S. central bank has decreased its holdings of foreign reserve assets.
B. the U.S. central bank has increased its holdings of foreign reserve assets.
C. U.S. residents bought more gold from foreigners than they sold.
D. U.S. residents have sold more gold to foreigners than they bought.
Answer: A
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Exporting nations often agree to voluntary export restraints in an attempt to
A) decrease inflation. B) increase global welfare. C) avoid more restrictive trade policies. D) employ more workers in the importing nation.
How much does it cost to tax a dollar of revenue away from the private sector and transfer it to the government in order to bail out a specific industry?
(a) One dollar (b) Less than one dollar because the administration of and compliance with the tax laws creates jobs for people (c) Less than a dollar because of the excess burden resulting from the elimination of productive exchanges by the taxes (d) More than a dollar because collection of the taxes requires resources that would otherwise be available for private sector production
Pollution from the U.S. Middle West may not only harm New England and Canada, it may extend to cause harm to the entire solar system
Indicate whether the statement is true or false
When the production possibilities curve has shifted outward, what has happened?
a. Efficiency has dropped significantly. b. Workers are being underutilized. c. Scarcity has increased. d. Factors of production have changed.