Between 1917 and 1982, the US ran a financial account deficit
a. True
b. False
A
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
If national saving increases, ________. (Assume that the capital account is zero and net transfers are zero.)
A) the sum of domestic investment and net exports must decrease B) the sum of domestic investment and foreign investment must decrease C) the sum of domestic investment and foreign investment must increase D) foreign investment must decrease to cover the gain
Movements along the Phillips curve result in the:
a. savings rate varying inversely with the unemployment rate. b. inflation rate varying directly with the unemployment rate. c. inflation rate varying inversely with the unemployment rate. d. interest rate varying inversely with the unemployment rate.
An economist estimates that with every 15 percent increase in income, the quantity of turkey purchased declines by 1.8 percent. From this information one would conclude that turkey is:
A. a luxury. B. a necessity. C. a normal good. D. an inferior good.