In 2011, the current account deficit was how much?
a. $273.5 billion
b. $473.4 billion
c. $675.3 billion
d. $773 . 7 billion
b
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The average price of a share of stock on the New York Stock Exchange falls by 30 percent. Other things being equal, we would expect
A) a shift up of the consumption function. B) an increase in the marginal propensity to consume. C) a decrease in the marginal propensity to consume. D) a shift down of the consumption function.
The market for unskilled labor is illustrated in the figure above. If a minimum wage of $5 per hour is imposed, an employer who breaks the law will be able to find a worker who is willing to work for
A) less than or equal to $4 per hour. B) between $4 and $5 per hour. C) more than or equal to $5 per hour. D) None of the above because workers are not willing to supply labor for wage rates less than $5 per hour.
Which of the following is a long-term financial instrument?
A) a negotiable certificate of deposit B) a repurchase agreement C) a U.S. Treasury bond D) a U.S. Treasury bill
When the federal government makes no attempt to take corrective action, markets return a recessed economy to full employment levels of production by
(a) laying off workers. (b) lowering wages. (c) dropping prices. (d) doing all of the above.