It is argued that global trade tends to be more important to countries with smaller economies than the U.S. Is this empirically verified?
What will be an ideal response?
Yes. Figure 1-2 shows exports and imports as a percentage of national income in the U.S. and five other countries and notes that "International trade is even more important to most other countries than it is to the U.S."
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By the end of the colonial period, the Middle Colonies' population gained over New England but the Southern population continued to dominate
Indicate whether the statement is true or false
Which form of business organization is the least common in the United States?
a. sole proprietorship b. partnership c. corporation d. nonprofit organization e. conglomerate
A more elastic demand for a good would generally result from
a. an increase in the supply of that good b. an increase in the number of substitutes for that good c. a decrease in the number of substitutes for that good d. smaller consumer incomes e. a reduction in the number of consumers
If the supply of a good decreases and it causes total revenue to increase, this shows that the good has an
A) inelastic demand. B) elastic demand. C) unit elastic demand. D) inelastic supply. E) elastic supply.