A U.S. grocery store chain bought $800,000 worth of Kenyan currency from a bank in Kenya. It then used these funds to buy $800,000 worth of coffee from Kenyan coffee growers. As a result of this exchange, by how much and in which direction did: A. U.S. net exports change? B. U.S. net capital outflow change?
A. U.S. net exports decreased by $800,000
B. U.S. net capital outflows decreased by $800,000
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Refer to Table 22-7. Consider the statistics in the table above in describing the following industrialized and developing countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
In a perfectly competitive market, the number of sellers must be large enough that
a. none of them ever earns positive economic profits. b. none of them can significantly alter the price of the product. c. they each end up selling a slightly different product. d. it is easy for a particular firm to leave the market.
A key characteristic of a renewable natural resource is that it will continue to regenerate itself, regardless of how it is managed or used, and so can be used periodically for an indefinite period of time
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1) Between 1953 and 2011, rising labor productivity contributed more to U.S. economic growth than did increases in inputs. 2) Real GDP = worker-hours × labor productivity. 3) Labor productivity = worker-hours/real GDP. 4) Improvements in education and training explain about 80 percent of the historical growth of U.S. labor productivity.