In recent years, the United States has:
A. exported more services abroad than it has imported.
B. had a small goods trade surplus with Japan.
C. had a large goods trade surplus with the rest of the world.
D. maintained an overall trade surplus (goods and services combined) with the rest of the
world.
A. exported more services abroad than it has imported.
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Opponents of the minimum wage point out that the minimum wage
a. encourages teenagers to drop out of school. b. prevents some workers from getting needed on-the-job training. c. contributes to the problem of unemployment. d. All of the above are correct.
The price of a good will tend to rise when
What will be an ideal response?
The economic surplus of an action is:
A. the benefit gained by taking an action. B. the money a person has left over after taking an action. C. the difference between the explicit and implicit costs of taking an action. D. the difference between the benefit and the cost of taking an action.
Refer to the diagram where D and S are the United States' demand for and supply of Swiss francs. At the equilibrium exchange rate, E, the United States' balance of payments is in equilibrium. Under a system of fixed exchange rates, the shift in demand from D to D' will cause:
A. the United States to increase its stocks of international monetary reserves.
B. a Swiss balance of payments deficit.
C. a U.S. balance of payments deficit.
D. a U.S. balance of payments surplus.