What leads to chronic deficits on U.S. current account?
a. declining value of the dollar and uncertainty about its future
b. devaluation of the dollar
c. imports being greater than exports year after year
d. foreigners buying up U.S. assets in the U.S. year after year
e. more exports and fewer imports year after year
C
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According to the human skills theory
A) trade patterns depend upon a country's relative endowment of skilled workers. B) countries with large endowments of skilled labor will have comparative advantage in skilled labor intensive products. C) the Leontief paradox is explained by the fact that the United States is relatively skilled labor abundant. D) All of the above.
Which of the following is not one of the functions of the Federal Reserve?
a. Clearing checks. b. Printing currency. c. Supervising and regulating banks. d. Controlling the money supply.