________ cause foreign exchange to leave the country, and thus they are registered as a ________ in the balance of payments.
A. Exports; debit
B. Exports; credit
C. Imports; credit
D. Imports; debit
Answer: D
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An income tax will have zero welfare cost when an individuals labor supply curve is perfectly inelastic _____
a. always b. never c. only if the income effect is zero d. only if the substitution effect is zero
To be certain that exchange between people is mutually beneficial, we generally assume
A) not all people are free to enter the market at will, but once in they are free to make any offer to trade. B) all people have complete information about each other's preferences. C) there are no transaction costs. D) both B and C E) both A and B
A natural monopoly is one that deliberately erects entry barriers
a. True b. False Indicate whether the statement is true or false
Which of the following was NOT a time period in which output in the U.S. sharply rose?
A. World War I B. the Roaring Twenties C. the early 1930s D. the 1960s E. the late 1990s