In a closed economy S = I, so in an open economy:
A. S = I ? NX.
B. S = I + NX.
C. S + I = NX.
D. S + NX = I.
B. S = I + NX.
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As output increases
A) the difference between average total cost and average variable cost decreases. B) marginal cost increases continuously. C) average variable cost becomes smaller and smaller. D) the difference between average total cost and average variable cost becomes greater and greater.
A decrease in the price of a substitute shifts the demand curve to the _______
a. right b. left c. it does not change the demand curve d. none of the above
The amount of money actually received in a particular period is called:
A. nominal income. B. real income. C. a cost-of-living index. D. consumer surplus.
Which of the following examples, ceteris paribus, would most likely cause rightward movement of the short-run aggregate supply curve for that economy?
a. The price level in Norway increases over several years. b. Production costs increase in Mexico due to increased government regulation. c. Deflation in the United States pushes down the price level. d. Labor productivity declines in Canada after nominal wages also decline.