The net balance on the balance of payments accounts:
a. always shows a surplus.
b. always shows a deficit.
c. is always zero.
d. is either positive or negative.
e. is arrived at without considering omissions and errors in transactions.
c
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On the graph above, suppose the economy is at point 1. Which sequence of points best illustrates the short-run and then long-run impacts of a permanent tax reduction? [Assume that potential output remains constant at .]
A) 2, 4, 1 B) 7, 2, 5 C) 2, 7, 6 D) 7, 8, 1
In order to regulate a monopoly's price the government
A) needs to hire former executives from the monopoly. B) should rely on industry experts for information. C) needs accurate information on the monopoly's demand and cost curves. D) needs to know the monopoly's supply curve.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
Which of the following supports the classical theory of employment?
A. The interest rate will not always equalize savings and investment. B. Not everything produced will necessarily be purchased. C. Saving and investing are done by different people for different reasons. D. Wages and prices are flexible downwards.