Which of the following might you believe if you say that "it's their fault" that the United States runs a trade deficit?
A. American consumers borrow too much to buy imported goods like cars and electronics.
B. U.S. manufacturers are incompetent and unable to compete with foreign producers.
C. Other countries have used nontariff barriers to keep out U.S. exports.
D. The United States is a successful rich economy that can afford a lot of imports.
Answer: C
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A) the prices of goods and services but not their quantities. B) the quantities of goods and services but not their prices. C) both the prices and the quantities of goods and services. D) neither the prices nor the quantities of goods and services.
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Morocco consume?
A) 60 B) 75 C) 135 D) 200
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