The country is importing a great deal from China and this has solved the problems for consumers. Shortages are not sizable. 

A negative capital account is called a capital account deficit. 

There is some suggestion that Greece was corrupt in that it reported inaccurate data on its debt level so that its fiscal situation would look better and they would be admitted to the EMU. 

Venezuela has experienced a weather issue that is causing problems for the country. This is:   

In the National Income Accounting equation, if (X-M)>0 then we know there is a trade surplus.  

Ebay, an American firm, purchases $6M of new computer technology from Germany. We see that GDP ______ as a result of the imports in the short run. 

Opposition to immigration is called:

American consumers of foreign products are hurt when tariffs or quotas are imposed. 

There is a cumulative final test in this course. 

A quota is imposed on grain imported from Central America. From this we know that the quantity exchanged of the foreign grain will decrease. But the quantity exchange of the domestic substitute will increase.