Answer the following questions true (T) or false (F)
1. In the United States, imports and exports make up more than half of GDP.
2. Each year, the United States exports about 50 percent of its wheat crop.
3. A tariff is a tax imposed by a government on its own exports.
1. FALSE
2. TRUE
3. FALSE
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Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country A B. Country B C. Country C D. Country D
When a tax is imposed on a good, at the after-tax equilibrium the marginal benefit of the last unit produced ________ the marginal cost
A) equals B) is greater than C) is less than D) can be calculated but is not comparable to E) The premise of the question is incorrect because after a tax is imposed, it becomes impossible to determine the marginal benefit and the marginal cost.
Expenditures for attending college can be viewed as an investment in human capital
a. True b. False Indicate whether the statement is true or false
We can explain continued increases in both output and the price level by supposing that only aggregate demand shifted right over time
a. True b. False Indicate whether the statement is true or false