In the 1980s and most of the 1990s, the federal government
A) ran small deficits. B) ran small surpluses.
C) ran large deficits. D) was balanced.
C
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The difference between absolute and comparative advantage is that:
a. absolute advantage refers to input cost, while comparative advantage refers to opportunity cost. b. absolute advantage refers to opportunity cost, while comparative advantage refers to input cost. c. absolute advantage is applicable only to individuals, and comparative advantage is applicable only to countries. d. absolute advantage is applicable only to countries, and comparative advantage is applicable only to individuals. e. absolute advantage is applicable to international trade, while comparative advantage applies to exchange of goods in the domestic market.
If there is an unrest in Europe that threatens the economic stability of Turkey, the
A) demand for the Turkish currency will fall. B) demand for the Turkish currency will rise. C) supply of the Turkish currency will fall. D) supply of the Turkish currency will rise.