Macroeconomics Study Set 48
Quiz 6: Macroeconomics: the Big Picture
Goods and Services That Are Produced in a Foreign Country
Goods and services that are produced in a foreign country but consumed domestically are called: A) exports. B) imports. C) investment goods. D) consumer durables.
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An open economy: A) trades goods and services with other countries. B) does not regulate its industries. C) does not impose taxes on its citizens. D) allows free practice of speech and religion.
A nation whose value of imports exceeds its value of exports is said to have: A) hyperinflation. B) a trade deficit. C) price stability. D) a trade surplus.
An open economy: A) trades only with its neighbors. B) trades goods but not services or assets with other countries. C) does not trade goods, services, or assets with other countries. D) trades goods and services with other countries.
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