Which of the following statements is correct?
A. U.S. exports and imports have been decreasing as a percentage of U.S. GDP, but the U.S.
share of total world trade has been increasing.
B. U.S. exports and imports have been decreasing as a percentage of U.S. GDP and the U.S.
share of total world trade has been declining.
C. U.S. exports and imports have been expanding as a percentage of U.S. GDP and the U.S.
share of total world trade has been increasing.
D. U.S. exports and imports have been expanding as a percentage of U.S. GDP, but the U.S.
share of total world trade has been declining.
D. U.S. exports and imports have been expanding as a percentage of U.S. GDP, but the U.S.
share of total world trade has been declining.
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Refer to Figure 2-11. Which country has a comparative advantage in the production of cotton?
A) Pakistan B) Indonesia C) They have equal productive abilities. D) neither country
Everything else held constant, if aggregate output is to the right of the IS curve, then there is an excess ________ of goods which will cause aggregate output to ________
A) supply; fall B) supply; rise C) demand; fall D) demand; rise
You are part of a local community theater group. Its goal is to raise as much revenue as possible. Mary suggests raising ticket prices. Is she right?
a. yes if the demand for tickets is price inelastic b. no if the demand for tickets is price inelastic c. yes because raising prices always increases revenue d. no because raising prices reduces sales and revenue e. most likely because the demand curve for theater tickets is typically inelastic
Which of the following is a problem that arises when trying to classify regional trade agreements?
A) Many agreements combine elements from different categories. B) The definition of free trade area includes that of a customs union. C) Some agreements include cultural issues while others do not. D) The most favored nation clause includes all of them.