A country's trade balance equals:
A. the value of tariffs less the number of quotas.
B. the number of quotas less the value of tariffs.
C. the value of imports minus the value of exports.
D. the value of exports minus the value of imports.
Answer: D
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The short-run Phillips curve shows
A) a tradeoff between the unemployment rate and the inflation rate. B) a tradeoff between real GDP and unemployment. C) the expected inflation rate. D) the natural unemployment rate. E) potential GDP.
What are the three main kinds of unemployment?
A) frictional, seasonal, and cyclical B) structural, frictional, and cyclical C) cyclical, structural, and temporary D) temporary, permanent, and volunteer
Which of the following statements is true about Mercantilism?
a. A weak state is needed to regulate and control the economy. b. Adam Smith was the intellectual founder of mercantilism. c. Individual economic freedoms, property rights, and private contracts are more important than the interests of the public. d. There are no universal principles of economics. e. none of the above.
A direct cost of public debt is:
A. it can pay for investments that will lead to economic growth in the long run. B. the interest the government has to pay to the people it has borrowed from. C. it allows the government to be flexible when something unexpected happens. D. All of these are costs to holding public debt.