Net exports
a. are equal to total exports minus total imports
b. are always positive because total imports exceed total exports
c. are always negative because total exports exceed total imports
d. always exceed total exports
e. include goods produced and sold abroad
A
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In which of the following cases should the United States produce more noodles than it wants for its own use and trade some of those noodles to Italy in exchange for wine?
a. Americans know less than Italians know about cooking noodles. b. The United States has an absolute advantage over Italy in producing noodles. c. Italy has a comparative advantage over the United States in producing wine. d. The opportunity cost of producing a gallon of wine is the same for Italy as it is for the United States.
Which of the following will increase the money supply?
A) an increase in the discount rate (relative to the federal funds rate) B) a decrease in the required reserve ratio C) an open market sale by the Fed D) a and c E) b and c