In the balance of payments, all of the following are deficit items EXCEPT
A) imports of merchandise.
B) funds placed in foreign depository institutions.
C) sales of dollars to foreigners.
D) tourism expenditures abroad.
C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Productivity per worker has increased in the past primarily through
a. hiring more teenagers. b. hiring more women. c. medical benefits. d. technological development.
Suppose that personal income is $250 billion. Furthermore, assume that retained corporate earnings are $2 billion, social security taxes are $15 billion, social security benefit checks equal $16 billion, the capital consumption allowance is $32 billion, and corporate taxes amount to $40 billion. Gross national product of this nation will be:
a. $177 billion. b. $259 billion. c. $291 billion. d. $343 billion. e. $323 billion.