In the simple circular-flow diagram, households
a. are the only decision makers.
b. own the factors of production.
c. are buyers of inputs.
d. consume only some of the goods and services that firms produce.
b
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A country that during its entire history has borrowed more from the rest of the world than it has lent to it is a ________, and a country that during its entire history has invested more in the rest of the world than other countries have invested in
it is a ________. A) debtor nation; investor nation B) borrower nation; creditor nation C) debtor nation; creditor nation D) net borrower nation; net lender nation
Many Asian countries since the 1980s and 1990s have:
A. supported export-led growth instead of import substitution policies. B. supported import substitution policies instead of export-led growth. C. been extremely successful in their attempts at industrial clustering. D. failed in their attempts at industrial clustering.
Educational reforms that result in improved reading and math skills of high school graduates as they enter the labor force would do what to the aggregate supply curve?
a. Shift it outward. b. Shift it inward. c. Move the economy up along the curve. d. Move the economy down along the curve.
The IMF currently helps countries maintain fixed exchange rates against each other's currency
a. true b. false