Which of the following is true?
a. U.S. imports are considered a credit item in the balance of payment, because the dollars sold to buy the necessary foreign currency add to foreign claims against U.S. buyers.
b. When the U.S. runs a trade deficit in goods and services with the rest of the world, the rest of the world must be running a trade surplus in goods and services with the U.S.
c. When
the U.S. runs a trade deficit in goods, it must run a trade surplus in services.
d. None of the above is true.
b
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Money is defined as
A) a by product of a barter economy. B) any financial instrument that is backed by gold. C) anything people generally accept in exchange for goods and services. D) a person's net worth.
What is meant by the term "marginal change"?
What will be an ideal response?
Which of the following is not an example of derived demand?
a. More people want to plant gardens in the spring; therefore, demand for hoes and shovels increases then. b. Strong ticket sales for a concert cause the producers to schedule an extra show and demand more ushers. c. Increased use of robots leads to a decrease in demand for labor. d. The development of alternative fuels made from corn leads to an increase in demand for corn. e. Increasing demand for music leads to the construction of more recording studios.
If a union is able to restrict the supply of a non-union-made substitute product,
a. wages will increase but employment will decrease b. wages will increase and employment will increase c. wages will decrease but employment will increase d. wages will decrease and employment will decrease e. the demand for non-union labor will increase