With respect to international trade, specialization means that
A. each country consumes what it produces.
B. labor is exported or imported in much the same way as other products.
C. most goods and services that are traded internationally are produced in only 1 or 2 nations.
D. labor and other resources in a nation are used to produce the products and services for which they are best suited.
D. labor and other resources in a nation are used to produce the products and services for which they are best suited.
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The liquidity effect indicates that expansionary monetary policy causes
A) interest rates to fall. B) interest rates to rise. C) bond prices to fall. D) inflation.
The value of bonds outstanding
A) increases when the government runs a budget deficit and decreases when the government runs a budget surplus. B) decreases when the government runs a budget deficit and increases when the government runs a budget surplus. C) is independent of the government running either a budget deficit or a budget surplus. D) changes only when the government runs a budget deficit or surplus if the federal debt is zero.