According to the text, which of the following does the United States import?
A. Clothes but not electronics.
B. Cars but not shoes.
C. Computers but not food.
D. Electronics, cars, and food.
Answer: D
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When the Federal Reserve sells a government security to a bond dealer, which transmits payment from a transactions deposit account at a bank
A) the cash of the Federal Reserve will decrease. B) the net worth of the commercial bank will decrease. C) the loans of the commercial bank will increase. D) the money supply will decrease.
Which of the following is most likely to be an inferior good?
a. airline travel b. restaurant meals c. a subscription to the Wall Street Journal d. soft drinks e. used clothing
Graphically an increase in the short-run aggregate supply line represents a(n) ________, and a shift leftward of the long-run aggregate supply line represents a(n) ________.
A. shock to potential output; adverse inflation shock B. shock to potential output; favorable inflation shock C. favorable inflation shock; shock to potential output D. adverse inflation shock; shock to potential output
Which of the following would explain why accounting profit might be greater than economic profit?
A) A firm has implicit costs as well as explicit costs. B) A firm has only explicit costs. C) A firm's net income is greater than its accounting profit. D) A firm's net income is less than its accounting profit.