The balance of goods and services is
a. the same as the merchandise trade balance, since services cannot be traded
b. equivalent to the trade balance
c. the value of all goods and services exported minus the value of all goods and services imported
d. the value of all tangible products exported minus the value of all tangible products imported
e. the value of all tangible products exported minus the value of all tangible products imported, and transactions to finance the difference
C
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If a large number of workers are classified as being out of the labor force when they are really looking for work, this will lead to an official unemployment rate that is
A) overstated. B) understated. C) neither overstated or understated. D) unbiased.
In 2015, the U.S. gross national debt was _____
a. about $1 million b. about $1 billion c. $1 trillion d. $3 trillion e. about $18 trillion
A monopolist will maximize profits by
a. setting his price as high as possible. b. setting his price at the level that will maximize per-unit profit. c. producing the output where marginal revenue equals marginal cost. d. producing the output where price equals marginal cost.
Which of the following is not an example of market failure?
a. Extreme income inequality b. Externalities c. Efficient equilibrium d. Lack of competition