Looking at the U.S. balance of payments from 1980 to 2012, we see that the
A) official settlements account was large in the 1980s relative to the current account.
B) capital and financial account has been negative for most years and was small in the late 1980s and early 1990s.
C) current account has been negative for most years and was small in the late 1980s and early 1990s.
D) current account was positive until 1992 then turned negative.
E) current account was negative until 1992 then turned positive.
C
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The circular flow model shows the
A) distribution of income and consumption goods across income levels. B) combinations of the factors of production needed to produce goods and services. C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions. D) flow of natural resources from firms to the private market to government and back to firms. E) distribution of income to the different factors of production.
Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost. B) equal to marginal social cost. C) less than marginal social cost. D) at its maximum value.