A current account surplus indicates that America is ________ its claims on foreign wealth, while a deficit indicates that this country is ________ its claims on foreign wealth
A) reducing; reducing
B) reducing; increasing
C) increasing; reducing
D) increasing; increasing
C
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Country A has a more equal distribution of income than country B if
A) country A's Lorenz curve is closer to the line of equality than is country B's Lorenz curve. B) country B's Lorenz curve is closer to the line of equality than is country A's Lorenz curve. C) country A's Lorenz curve is just as close to the line of equality as is country B's Lorenz curve. D) None of the above because it is impossible to compare income inequalities across countries.
The price system eliminates scarcity
a. True b. False Indicate whether the statement is true or false
As a general rule, a recession occurs when there is a six consecutive month fall in:
a. nominal GDP. b. real GDP. c. the price level. d. the trade balance.
Because of automatic stabilizers, government budget deficits are
a. positive during both expansions and contractions. b. negative during both expansions and contractions. c. zero if averaged out over the entire business cycle. d. larger during expansions and smaller during contractions. e. smaller during expansions and larger during contractions.