Which of the following is not included in Nation A's reserves account in the balance of payments?
a. Changes in official gold holdings.
b. The stock official (i.e., central bank) holdings of foreign currencies.
c. Increases in borrowing rights at the International Monetary Fund.
d. All of the above are included in reserves.
.B
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An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
Which of the following fiscal policy changes would be the most contractionary?
A. A $40 billion increase in taxes B. A $20 billion increase in taxes and a $20 billion cut in government purchases C. A $30 billion increase in taxes and a $10 billion cut in government purchases D. A $10 billion increase in taxes and a $30 billion cut in government purchases