U.S. exports tend to increase when
A. foreign GDPs are falling.
B. economic activity abroad is increasing.
C. U.S. prices are rising compared to the rest of the world.
D. the value of the dollar rises.
Answer: B
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Competition would probably be abolished if society could find a way to abolish
A) inequality. B) scarcity. C) money. D) economists.
Suppose that at a firm's current level of production the marginal product of capital is equal to 10 units, while the marginal rate of technical substitution between capital and labor is 2. Given this, we know the marginal product of labor must be
A. 5. B. 10. C. 20. D. It is not possible to say with the information given in the problem
An improvement in consumer confidence will cause:
A. A movement down the aggregate demand curve. B. The aggregate supply curve to shift to the right. C. The aggregate demand curve to shift to the right. D. The aggregate demand curve to shift to the left.
A tariff is a tax imposed by a government on
A) exports. B) services. C) imports. D) luxury items.