In the figure above, with international trade the United States ________ million shirts per year
A) imports 32
B) imports 48
C) exports 16
D) exports 32
A
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The law of demand
A) was passed by the 102nd U.S. Congress. B) is a natural law, much like the law of gravity. C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic. D) is considered a "law" in economics in order to force economic models to operate fully.
An increase in the expected inflation rate causes: a. the velocity of money to increase. b. the velocity of money to decrease. c. the actual inflation rate to fall
d. the actual price level to decrease. e. the money supply to increase.
A worker who loses a job at a petroleum refinery because consumers and business firms switch from the use of oil to natural gas is an example of
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. disguised unemployment.
Suppose that monetary policy becomes more expansionary, and as a result, the future rate of inflation is higher. Will this be good for the stock market?
a. Yes; the inflation will lead to higher wages, and this will be good for both the economy and the stock market. b. No; the inflation will lead to higher nominal interest rates, and this will reduce the present value of the future net earnings derived from stocks. c. Yes; the inflation rate will reduce the long-run rate of unemployment, and this will be good for the stock market. d. No; the expansionary monetary policy will lead to lower real interest rates, and this is generally bad for both the economy and the stock market.