Firms in Saudi Arabia sell oil to the U.S. Other things the same, these oil sales
a. increase Saudi net exports and net capital outflow.
b. decrease Saudi net exports and net capital outflow.
c. increase Saudi net exports and decrease Saudi net capital outflow.
d. decrease Saudi net exports and increase Saudi net capital outflow.
a
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Autarky refers to
A) a situation in which there is no trade. B) the equilibrium a nation reaches after trade begins. C) a situation in which nations trade goods and services. D) the location on a consumption possibilities curve.
Society might argue that there are cases in which it is appropriate to resist price increases in situations where scarcity is serious. Included would be the case of
A. unrestrained monopoly that would otherwise succeed in extracting funds from the public. B. taxes imposed on products capriciously and inappropriately. C. rising prices falling so heavily on the poor that rationing becomes preferable. D. All of the responses are correct.
In the absence of trade barriers, patterns of trade are driven by comparative advantage.
a. true b. false
A perfectly competitive firm is maximizing profits in the short run. This implies that the firm is earning the most economic profits possible, which
A) must be positive.
B) must be either zero or positive.
C) can be positive, negative, or zero.
D) exist at the point at which price equals total