An increase in income in other countries, other things equal, would cause U.S. _____
Fill in the blank(s) with the appropriate word(s).
imports to remain unchanged and exports to increase.
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M1 is a definition of money largely confined to which function(s) of money?
A) unit of account B) store of value C) medium of exchange D) B and C.
When the theory of mercantilism was superseded by the theory of "classical liberalism" of Adam Smith around the time of the American Revolution,
(a) the colonies had shifted toward laissez faire, governmental noninvolvement in the private economy, but the new nation rejected the philosophy of laissez faire. (b) governmental involvement in the private economy persisted in both the colonies and the new nation; the U.S. Constitution adopted the common law from England which sanctioned certain types of governmental involvement. (c) governmental involvement had already been largely abandoned in the colonies and laissez faire was officially adopted by the new nation. (d) government involvement was strong down to the time of the Revolution; it was then abandoned and laissez faire was enshrined in the Constitution and became part of the law of the land.
Capital is a good used in the production of goods that households consume
Indicate whether the statement is true or false
A binding price ceiling causes quantity demanded to be less than quantity supplied
a. True b. False Indicate whether the statement is true or false