In the above table, the balance on the current account for Country X is ________ billion dollars
A) -35
B) -75
C) +75
D) -200
A
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A devaluation of a currency means that the exchange rate (price of that currency) has changed to a higher fixed rate
a. True b. False
A price-searcher firm will expand output until
a. marginal revenue falls to equal the rising marginal cost. b. marginal revenue rises to equal the falling marginal cost. c. marginal revenue falls below marginal cost. d. marginal cost rises above marginal revenue.
A reason that the quantity theory of money has lost favor is that:
A. the velocity of money is not constant. B. the federal funds market has been taken over by the Federal Reserve bank. C. banks no longer hold reserves. D. it did not predict the asset price inflation.
During a study session for an economics exam with three other students, Peter Daltry commented on an example of a consumer who had to decide on number of slices of pizza and cups of Coca-Cola he would consume. Peter explained that "To maximize his
utility this consumer must equate the marginal utility per dollar for pizza and Coca-Cola." Was Peter's analysis correct? A) Peter described one of the conditions necessary for utility maximization. The consumer also must equate the marginal utility of pizza and the marginal utility of cups of Coca-Cola. B) Peter's statement is correct. C) Peter's statement is correct but we must also assume that the consumer is rational. D) Peter describes one of the conditions necessary for utility maximization. The second condition is that total spending on both goods must equal the amount available to be spent.