The merchandise trade balance measures
a. the value of goods and services exported
b. the value of all goods and services exported minus the value of all goods and services imported
c. the value of all goods and services exported minus the value of all goods and services imported, and transactions to finance the difference
d. the value of all tangible products exported minus the value of all tangible products imported
e. the value of all tangible products exported minus the value of all tangible products imported, and transactions to finance the difference
D
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The logic of the wealth effect begins with a change in the price level changing the interest rate.
a. true b. false
If social cost exceeds private cost, there is
A) underproduction of a good. B) a negative externality. C) a positive externality. D) too little economic profit in the activity.