The balance of trade measures the:
A. difference between the value of imports and that of exports.
B. exchange rate needed to make imports equal exports.
C. share of U.S. exports going to various regions of the world.
D. share of U.S. imports coming from various regions of the world.
Answer: A
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A good is rivalrous in consumption if
A. its consumption by one person reduces its consumption by others. B. it can be used to satisfy many needs (as compared to just one need). C. it can be used to satisfy many wants (as compared to just one want). D. its consumption by one person increases its consumption by others. E. a and c
For each of the following changes, which equilibrium curve (IS, LM, or FE) is shifted? Draw the change in the underlying demand or supply curves (for example, money demand and supply for the LM curve) and show how the equilibrium curve changes
(a) Expected inflation increases. (b) The future marginal productivity of capital increases. (c) Labor supply decreases. (d) Future income declines. (e) There's a temporary beneficial supply shock. (f) The nominal interest rate on money rises.
When total utility is falling, marginal utility is
a. increasing b. decreasing c. positive d. negative e. 0
A perfectly competitive firm maximizes its profits by producing the amount of output such that
A) MR = P. B) MR = MC. C) P = AVC. D) P = ATC.