The quantity of U.S. exports is determined by
A) U.S. consumption expenditure.
B) political factors.
C) aggregate incomes in the rest of the world.
D) U.S. aggregate expenditure.
E) U.S. GDP.
C
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The figure above shows Ilene's budget line. If the price of a can of cat food rises, her budget line rotates so that the vertical intercept is
A) unchanged, but the horizontal intercept is closer to the origin. B) unchanged, but the horizontal intercept is farther away from the origin. C) farther away from the origin, but the horizontal intercept is closer to the origin. D) closer to the origin, but the horizontal intercept is farther away from the origin.
A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost. B) (price minus average total cost) times quantity sold. C) average profit per unit times quantity sold. D) marginal profit times quantity sold.
The United States can benefit from voluntary trade a. only with nations that can produce goods the United States cannot produce. b. only with developing nations
c. only with nations in Europe. d. with any nation.
Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b). An increase in demand from D0 to D1 will result in
a. A new market equilibrium at point X
b. An eventual increase in the number of firms in the market and a new long-run equilibrium at point Z
c. Rising prices and falling profits for existing firms in the market
d. Falling prices and falling profit for existing firms in the market