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answerstoquiz3summer2007 - Economics 302 Summer2007 Answers...

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Economics 302 Name ________________________________________ Summer2007 Answers to Third Quiz* Student ID Number _____________________________ The following quiz is worth a total of 2.5 points. If your work is sloppy or illegible points will be subtracted. 1. (.25 points) When spending is greater than production during the current time period in a small, open economy then a. Exports for this country exceed imports for this country. b. Exports for this country are less than imports for this country. Answer: B. 2. (.25 points) When exports are less than imports for a small open economy during a particular period of time then a. This country is a net lender. b. This country is a net borrower. Answer: B. 3. (.25 points) A country is running a trade deficit if a. It is a net borrower in the world’s financial markets. b. It is a net lender in the world’s financial markets. Answer: A. 4. (.25 points) Net Exports are equal to a. Aggregate Output minus domestic spending. b. Domestic spending minus aggregate output.
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