What are net exports?
A. Exports minus imports
B. Exports plus imports
C. Imports minus exports
D. That portion of consumption and investment goods sent to other countries
Answer: A
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A bank's reserves include
A) the cash in its vault plus the value of its depositors' accounts. B) the cash in its vault plus its deposits held at a Federal Reserve bank. C) the cash in its vault plus any gold held for the bank at Fort Knox. D) its common stock holdings, the cash in its vault, and any deposits at a Federal Reserve bank.
Marginal utility is defined as the
a. extra satisfaction the consumer receives from an extra $1 of income b. total satisfaction a consumer receives consuming goods c. difference between total satisfaction and the extra satisfaction a consumer receives consuming a good d. extra satisfaction a person derives from consuming an additional unit of a good e. ratio of the utility a good provides to the price of that good, i.e., MU = U/P
The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:
A. price elasticity of demand. B. cross-price elasticity of demand. C. income elasticity of demand. D. price elasticity of supply.
Refer to Figure 2-1. Along the production possibilities frontier, the most efficient point of production depicted is:
A. Point B B. Point C C. Point D D. All points on the production possibilities frontier are equally efficient.