In the mid 1990s countries of the world exported $6.5 trillion dollars worth of goods and services. How large were total world imports of goods and services during this period? Explain your answer
For the world as a whole, imports have to equal exports. Because we ship no goods and services to other planets, all trade takes place between countries on earth. One country's exports are another country's imports. This reciprocity in trade reminds us that all countries gain from trade, but not necessarily in equal amounts.
You might also like to view...
Interest in environmental problems has intensified, perhaps because
A. for the first time in history in the 1970s, people began to die from pollution-related diseases. B. rising incomes have caused people to be more concerned with the quality of their lives. C. the centrally planned economies are polluted. D. decentralized economies are less polluted.
The concept of the "best" level of pollution suggests that: a. increased concerns about pollution control shifted the marginal social cost curve to the left
b. the opportunity cost of reducing pollution may sometimes exceed the benefit. c. unregulated markets generally reduce pollution to efficient levels with marginal social cost equal to marginal social benefit. d. none of the above
A significant bank crisis in one Eurozone country is a problem for the ECB because:
A) it will violate its money supply growth rule if it tries to provide liquidity to that country's banks. B) it has no mandate to be a lender of last resort to financial institutions in the Eurozone. C) it has no ability to affect the money supply in Eurozone countries. D) its consensus decision-making process may prompt too rapid a reaction to a crisis in one country.
During a recession
a. real GDP is falling and bankruptcies are falling b. unemployment is rising and real GDP is falling c. inflation is rising and nominal GDP is rising d. nominal GDP is rising and retail sales are falling