U.S. exports of goods and services (on a national income account basis) are about:
A. 20 percent of U.S. GDP.
B. 8 percent of U.S. GDP.
C. 28 percent of U.S. GDP.
D. 14 percent of U.S. GDP.
D. 14 percent of U.S. GDP.
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How might government policies differ when attempting to reduce the three types of unemployment? Be specific
What will be an ideal response?
Which of the following markets most closely resembles the characteristics of a perfectly competitive market?
A. The cable television industry B. The fast food restaurant industry C. The steel industry D. Hot dog vendors on city streets
With few applicants and several key positions to fill, the owner of a commercial bakery increased the starting wage offered from $12.00 to $15.00 per hour and was able to fill the positions. Which of the following is true of the $12.00 wage rate?
a. The wage is lower than equilibrium. b. The wage is at equilibrium. c. The wage created a surplus. d. The wage attracted just enough workers.
Oligopolists that follow the price leadership model:
A. are engaging in implicit, but not explicit, price fixing. B. are violating antitrust laws. C. have chosen to follow the grim-trigger strategy. D. will be unable to overcome the duopolists' dilemma because firms will have an incentive to underprice the firm that is the price leader.