If the United States had a financial account deficit of $50 billion, we could say the United States had
A) net imports of $50 billion.
B) net foreign borrowing of $50 billion.
C) acquired net foreign assets of $50 billion.
D) a current account deficit of $50 billion.
C
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In response to the financial crisis in 2008, the Fed created which of the following policy tools?
A) quantitative easing B) the required reserve ratio C) the discount rate D) the federal funds rate E) open market operations
Which of the following descriptions best depicts the substitution effect?
a. the change in consumption resulting from a change in the consumer's income, holding the prices of the goods constant b. the change in consumption resulting from a change in the consumer's income, holding the consumer's level of satisfaction constant c. the change in consumption resulting from a change in the price of one good, holding the consumer's level of satisfaction constant d. the change in consumption resulting from a change in the price of one good, allowing the consumer's level of satisfaction to change