Which of the following would be a credit in the U.S. balance of payments?
a. the purchase of a German car by an American
b. the purchase of insurance from Lloyds of London by a U.S. resident
c. a trip to Japan by an American student
d. a short-term loan extended to a South American country by the United States government
d
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If Joshua buys 10 percent more compact discs when his income increases by 5 percent, then, for Joshua
a. price elasticity of demand for compact discs is greater than one b. compact discs are inferior goods c. compact discs are price inelastic d. compact discs are income inelastic e. compact discs are income elastic
John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available
a. John and Curtis are both frictionally unemployed. b. John and Curtis are both structurally unemployed. c. John is frictionally unemployed, and Curtis is structurally unemployed. d. John is structurally unemployed, and Curtis is frictionally unemployed.