From 1960 to 2012
A) the U.S. economy roughly tripled in size.
B) U.S. imports roughly tripled in size.
C) the share of US Trade in the global economy roughly tripled in size.
D) U.S. Imports roughly tripled as compared to U.S. exports.
E) U.S. exports roughly tripled in size.
C
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Explain the difference between partial equilibrium analysis and general equilibrium analysis
What will be an ideal response?
Suppose that you can hire a worker in one-hour increments. For hours of work up to 4, the total benefit of the worker (in dollars) is B(0) = 0, B(1) = 25, B(2) = 45, B(3) = 60, and B(4) = 70. What is the marginal benefit of the second hour of the worker's time?
A. $10 B. $20 C. $25 D. There is not enough information to answer the question.
What will happen to the annual rate of growth of per capita real Gross Domestic Product (GDP) if the annual rate of population growth increases and the annual rate of growth of real GDP goes down?
A. The effect will depend upon whether the rate of population growth is greater than or less than the rate of growth of real GDP. B. It will increase since an increase in population means an increase in labor that translates into an increase in real GDP. C. It will decrease since an increase in the growth rate of population and a decrease in the growth rate of real GDP both work to decrease the growth of per capita real GDP. D. It will increase since the annual rate of growth of real GDP does not influence the growth rate of per capita real GDP.
In the equation of exchange, the nominal GDP is designated by:
A. PQ/M. B. MV/P. C. PQ. D. MV.