Author Question: Which of the following is true of U.S. net exports prior to the 1960s? a. Since most of the oil ... (Read 12 times)

Zulu123 · **on:** Jun 30, 2018

Which of the following is true of U.S. net exports prior to the 1960s?
a. Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S.
b. Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S.
c. The U.S. was running a trade surplus prior to the 1960s.
d. Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit.
e. Since the U.S. dollar was overvalued prior to the 1960s, the U.S. neither exported nor imported any goods and services.

Question 2

When economists speak of markets, they primarily mean:
a. places where production of goods and services take place.
b. those locations where stocks and bonds of corporations take place.
c. mechanisms that coordinate actions of buyers and sellers.
d. the trillions of dollars that change hands in the foreign exchange markets.