In 2009, our goods and services trade deficit was almost $______ billion.
A. 300
B. 400
C. 500
D. 600
B. 400
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A fall in the domestic interest rate leads to capital
A. outflows and exchange rate appreciation. B. outflows and exchange rate depreciation. C. inflows and exchange rate depreciation. D. inflows and exchange rate appreciation.
Figure 13-2
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In Figure 13-2, which of the graphs represents a monopolistic competitor in long-run equilibrium?
A. 1 B. 2 C. 3 D. 4
When aggregate demand declines unexpectedly and wage contracts are fixed, then the average price level will:
a. increase and business firms will hire new workers. b. decline and firms will reduce wages. c. decline and business firms will lay off workers. d. increase and business firms will lay off workers. e. increase and business firms will increase wages.
Consider the following events: scientists reveal that consumption of oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate (using supply-and-demand diagrams) and explain what effect these changes have on the equilibrium price and quantity of oranges.
What will be an ideal response?