An area in which the United States has had a sizable surplus in its balance of payments is sales of ____ to foreigners.

The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is

A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.

The term "balance of payments" refers to a nation's:

a. goods exports minus imports. b. record of all international transactions. c. capital inflows minus outflows. d. official reserves inflows minus outflows.