Total credits in the balance of payments accounts are equal to the
a. supply of foreign exchange.
b. demand for dollars.
c. demand for foreign exchange.
d. supply of dollars.
e. Either a or b
E
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Answer the following statement(s) true (T) or false (F)
1. To an economist, a cost is a forgone opportunity. 2. The most efficient typist is the one who can type the greatest number of words per minute. 3. The most efficient house cleaner is the person who has the lowest cost of cleaning houses. 4. The cost of producing furniture is not the resources used in its production, but the alternative uses for those resources. 5. If only materials and workers are used to make a computer and the materials cost $100 and labor costs $200, then the cost of making the computer is $300.
Accumulating debt poses a problem for the U.S. federal government because
A) it is currently in danger of defaulting on the debt. B) the debt has to ultimately be paid off. C) building roads and bridges do not yield enough benefits to justify their cost. D) a large debt-to-GDP ratio causes crowding out.
Suppose a country has government expenditures of $3,500, taxes of $2,200, consumption of $9,000, exports of $2,500, imports of $2,700, transfer payments of $750, capital depreciation of $800, and investment of $3,000 . GDP equals
a. $24,450. b. $11,550. c. $15,300. d. $20,700.
The number of central banks that exist in the world today is:
A. over 50 but less than 100. B. less than 10. C. about 250. D. over 180.