If U.S. buyers purchased $500 billion of foreign goods and foreign buyers purchased $400 billion of U.S. goods, the U.S. balance of trade would be:

The government of Richland has set a minimum wage for factory workers. This will lead to an ________ if above the current market wage

A) increase in total surplus B) increase in the number of workers supplied C) excess demand for workers D) increase in income inequality

Judging from the circular flow diagram, what happens to dollars that households earn as wages?

a. They are given to other households in the form of tax distributions. b. They are given to firms in exchange for capital and labor. c. They are recycled back to firms when households buy products and services. d. They are removed from the simple circular flow diagram, making the circle smaller.