A trade surplus occurs when:
A. exports exceed imports.
B. government revenue exceeds government spending.
C. exports are less than imports.
D. government spending exceeds government revenue.
Answer: A
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A researcher claims that the slow economic growth of countries located in Africa can be attributed to the geography hypothesis. If the researcher is correct, it implies that economic growth of countries in Africa is greatly affected by:
A) institutional factors such as the availability of credit and finance. B) natural factors such as climate and quality of soil available. C) cultural factors such as work nature of indigenous residents. D) religious factors.
Refer to Table 10-2. What is Keira's marginal utility per dollar spent on the third cup of soup?
A) 72 units of utility B) 36 units of utility C) 12 units of utility D) 6 units of utility
Technological advances shift the supply curve rightward
a. True b. False Indicate whether the statement is true or false
Labor demand is more elastic
A. the greater is labor's share in total costs. B. the greater is the elasticity of substitution between labor and capital. C. the greater is the supply elasticity of capital. D. the greater is the elasticity of demand for the firm's output. E. All of the statements are correct.