Which of the following is a deficit item in the U.S. current account?
A) Toyota builds a new plant in California.
B) Many U.S. residents who previously had not traveled abroad decide to make Mexico a tourist destination.
C) A Saudi Arabian prince builds six new homes in California.
D) Sony buys a new film studio in Florida.
B
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The long-run aggregate supply curve is ________ because along it, as prices rise, the money wage rate ________
A) vertical; falls B) vertical; rises C) upward sloping; falls D) upward sloping; stays constant
Suppose that the labor market for high school chemistry teachers is initially in equilibrium. Chemistry teachers use laboratory chemicals as an important part of their jobs. New environmental regulations ban the use of many chemicals, which means that fewer laboratory chemicals are available for high school chemistry teachers to use in their jobs. What happens to the equilibrium wage and quantity
of high school chemistry teachers? a. Both the equilibrium wage and quantity increase. b. Both the equilibrium wage and quantity decrease. c. The equilibrium wage increases, and the equilibrium quantity decreases. d. The equilibrium wage decreases, and the equilibrium quantity increases.