If a country has a trade deficit, it:
A. Imports more than it exports.
B. Does not export any goods.
C. Is more dependent on trade than other countries.
D. Sells more goods to foreigners than it buys from them.
A. Imports more than it exports.
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If Spain is capable of producing either tapas or soccer balls or some combination of those two products, then Spain should:
A. trade only if it possesses the absolute advantage in the production of both goods. B. remain self-sufficient if it can produce both efficiently. C. produce the good it has an absolute advantage in producing. D. produce the good it has a comparative advantage in producing.
Fiscal policy revolves around the
A. federal budget. B. money supply. C. national debt. D. paradox of thrift.
According to the World View chart in the text, from highest to lowest real GDP, which is correct?
A. United States, China, Germany, Japan, Canada. B. United States, Japan, China, Germany, Britain. C. USA, China, Japan, Germany, Britain. D. United States, China, Japan, Germany, Britain.
If the U.S. dollar becomes weaker in international markets, the net effects will include
A. an increase in both short run aggregate supply (SRAS) and aggregate demand. B. an increase in short-run aggregate supply (SRAS) and a decrease in aggregate demand. C. a decrease in short-run aggregate supply (SRAS) and an increase in aggregate demand. D. a decrease in both short run aggregate supply (SRAS) and aggregate demand.