The capital and financial account balance is equal to
A) the value of exports of U.S. capital goods minus the value of imports of capital goods into the United States.
B) exports minus imports.
C) foreign assets owned by the United States minus U.S. assets owned by foreigners.
D) U.S. investment abroad minus foreign investment in the United States.
E) foreign investment in the United States minus U.S. investment abroad.
E
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When tax revenue exceed the government's outlays, the budget
A) has a deficit and the national debt is increasing. B) is balanced and the national debt is decreasing. C) has a surplus and the national debt is decreasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
The reluctance to change the relative relationships between wage rates is called a
A) coordination failure. B) real rigidity. C) menu cost. D) macroeconomic externality.