As percentage of imports, the largest product category of U.S. imports from China is
A) chemicals, minerals, and metals.
B) machinery and transportation equipment.
C) textiles, apparel, and footwear.
D) electronic products.
Answer: D
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The purchasing power of one dollar is equal to _____
a. real GDP divided by nominal GDP b. nominal GDP divided by real GDP c. 1 minus the average price level d. the reciprocal of the average price level e. the implicit GDP deflator divided by the CPI
The employment-population ratio is
a. percentage of the population unemployed b. percentage of the population employed c. the same as the unemployment rate d. always greater than 1 e. percentage of the population employed by the private sector.
The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor $2 above the equilibrium price in this market. Following the imposition of a price floor $2 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting market price is
a. $2
b. $3
c. $4
d. $5
Fiat money is money by government decree.
Answer the following statement true (T) or false (F)