During the 2007-2009 recession and its aftermath, Okun's law
A) predicted the cyclical unemployment rate more accurately than it did prior to the recession.
B) predicted the cyclical unemployment rate at roughly the same rate of accuracy as it did prior to the recession.
C) predicted a higher cyclical unemployment rate than was actually experienced in the U.S. economy.
D) predicted a lower cyclical unemployment rate than was actually experienced in the U.S. economy.
D
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If, for the United States, exports are $450, imports are $320, net income from foreign investments is -$60, and net transfers from abroad is -$50, then the U.S. current account has a
A) deficit of $430. B) deficit of $110. C) surplus of $20. D) surplus of $130.
Refer to Table 2-11. South Korea has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.