Exports minus imports define a country's
A. Trade balance.
B. Current account balance.
C. Capital account balance.
D. Balance of payments.
Answer: A
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In the housing market, supply and demand are
a. more elastic in the short run than in the long run, and so rent control leads to a larger shortage of apartments in the short run than in the long run. b. more elastic in the short run than in the long run, and so rent control leads to a larger shortage of apartments in the long run than in the short run. c. more elastic in the long run than in the short run, and so rent control leads to a larger shortage of apartments in the short run than in the long run. d. more elastic in the long run than in the short run, and so rent control leads to a larger shortage of apartments in the long run than in the short run.
A vertical AS curve means that the level of aggregate supply (or potential GDP) will determine the real GDP of the economy, regardless of the level of:
a. cyclical unemployment b. real unemployment c. aggregate demand d. inflationary pressures