The merchandise trade balance is the value of a nation's:
a. merchandise and service exports plus merchandise and service imports.
b. merchandise exports subtracted from capital inflows.
c. merchandise imports subtracted from merchandise exports.
d. merchandise imports plus net capital inflows.
c
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The cross-price elasticity of demand between pancakes and waffles is positive. This indicates all of the following except one. Which is the exception?
a. Pancakes and waffles are substitutes. b. An increase in the price of pancakes will shift the demand curve for waffles to the right. c. An increase in the price of waffles will shift the demand curve for pancakes to the right. d. A decrease in the supply of waffles will shift the demand curve for pancakes to the right. e. Pancake demand and waffle demand are price elastic.
The burden of a per-unit tax will fall disproportionately on consumers when the supply curve is relatively more elastic than the demand curve.
Answer the following statement true (T) or false (F)