If its exports are greater than its imports, then a country has a:
A. trade deficit.
B. trade surplus.
C. government budget surplus.
D. government budget deficit.
Answer: B
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Special-interest legislation is characterized by
a. concentrated costs and concentrated benefits b. concentrated benefits and widespread costs c. widespread benefits and widespread costs d. widespread benefits and concentrated costs e. zero costs
Explain the difference between correlation and causation. Give an example of each.
What will be an ideal response?
Which of the following is NOT a characteristic of perfect competition?
A) There are many buyers and sellers. B) Each firm determines the market price of its product. C) Products are homogeneous. D) Buyers and sellers have equal access to information.