Which of the following statements is false?
A. In recent years, the United States has had large annual trade deficits in goods and
services.
B. The United States imports some of the same categories of goods as it exports.
C. China has the largest share of world exports.
D. As a percentage of GDP, U.S. exports are the highest among the industrially advanced
nations.
D. As a percentage of GDP, U.S. exports are the highest among the industrially advanced
nations.
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In a commercial bank's T-account, reserves and outstanding loans are recorded as:
a. debts. b. profits. c. assets. d. liabilities.
If the aggregate supply curve has its normal shape, deficit spending will increase
a. both GDP and the price level at about the same rate. b. the price level before it increases real GDP. c. the price level but decrease real GDP. d. real GDP before it increases the price level.