Answer the following statements true (T) or false (F)
1. Only in developing nations would one expect the value of either exports or imports to exceed 200 percent of gross national product.
2. In dollar value, the United States is the largest importer in the world.
3. The value of U.S. exports is about 10 percent of its GDP.
4. Although political arguments strongly favor free trade, most decisions affecting international trade are made in the economic arena.
5. The only factor determining whether a country can develop a comparative advantage in production is the degree to which it has a highly skilled labor force.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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Jeep Cherokees are a normal good. If people's incomes increase, the direct result will be
A) an increase in the supply of the vehicles. B) a decrease in the demand for the vehicles. C) an increase in the demand for the vehicles. D) Both answers A and C are correct.
Manisha could work for another firm making $10,000 per month, but she decides to open her own gourmet cheese store and pay herself $2,000 per month
In her first month of operations, she spends $6,000 on cheese, $1,000 on other items, and $2,500 on rent. She had a great opening month, and brought in revenues of $14,500. What are Manisha's economic profits? A) $3,000 B) $4,000 C) -$5,000 D) -$6,000
What percentage of businesses are sole proprietorships?
What will be an ideal response?
During a(n) ____ many firms experience increased profits, which increases ____ and investment spending
Fill in the blank(s) with the appropriate word(s).