Whenever income is less than expenditure for a period of time, a nation will experience:

A) a deficit in its current account
B) A surplus in its current account
C) A fall in GDP
D) None of the above

Ans: A) a deficit in its current account

Economics

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The more that Clayton earns, the higher is his average tax rate. Clayton faces a ________ income tax

A) regressive B) proportional C) progressive D) flat-rate

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An increase in unemployment will cause this year's production possibilities curve to shift inward toward the origin

Indicate whether the statement is true or false

Economics