The balance of payments equals
A) the sum of the current account and the financial account.
B) the current account minus net unilateral transfers.
C) net investment income from abroad.
D) the net increase in a country's official reserve assets.
D
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Automatic stabilizers decrease the impact of a recession on the level of economic activity because they
A) reduce the interest rate and so allow firms to increase their level of investment. B) mean disposable income does not change by as much as real GDP. C) increase taxes so the budget is always balanced. D) raise the exchange rate so U.S. exports become more attractive to foreigners. E) increase the quantity of money in circulation.
The following national income statistics are in billions of dollars
Refer to the above data. Net domestic product is:
A.
$400 billion
B.
$442 billion
C.
$483 billion
D.
$517 billion
The positive relationship between short-run aggregate supply and the price level indicates that, in the short run
A) firms produce more output as the price level falls. B) firms produce more output as the price level rises. C) the money wage rate increases when moving along the short-run aggregate supply curve. D) lower price levels are more profitable for firms.
What role does human capital play in accounting for income inequality?
What will be an ideal response?