The difference between the value of goods exported and imported is the:
A. financial and capital account balance.
B. current account balance.
C. government financial balance.
D. balance of merchandise trade.
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Use the figure below to answer the following question.
What area represents consumer surplus after the government imposes the excise tax on the market?
A. square $13ac$9 B. triangle $21a$13 C. triangle abc D. triangle $1c$9
Which of the following is an example of a product that is made available through public provision?
i. local police protection ii. public schools iii. local fire department A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Appendix: When using a multiplicative power function (Y = a X1b1X2b2X3b3) to represent an economic relationship, estimates of the parameters (a, and the b's) using linear regression analysis can be obtained by first applying a ____ transformation to convert the function to a linear relationship
a. semilogarithmic b. double-logarithmic c. reciprocal d. polynomial e. cubic