Is the value of U.S. exports typically larger or smaller than the value of U.S. imports?
What will be an ideal response?
As a percentage of GDP, U.S. imports have been larger than U.S. exports since the mid-1970s.
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An increase in the equilibrium price for a product will result
A) when there is an increase in demand and an increase in the number of firms producing the product. B) when there is a decrease in supply and a decrease in demand for the product. C) when there is a decrease in supply and an increase in demand for the product. D) when the quantity of the product demanded exceeds the quantity supplied.
The government can help solve the information asymmetry problem by:
A. providing the missing information to the less-informed party. B. requiring the more informed party to reveal the missing information. C. finding ways to make the same amount of information known to both parties. D. All of these statements are true.
If the elasticity of supply is much greater than the elasticity of demand, an excise tax levied on the suppliers will
a. cause the suppliers to incur a greater burden of the tax than demanders b. cause the demanders to incur a greater burden of the tax than suppliers c. the burden of the tax will be shared equally between the suppliers and the demanders d. cause the entire burden of the tax to rest on the demanders e. Without more information as to the amount of the excise tax, who will incur a greater burden will be unclear
Mergers can sometimes be good for a market by allowing firms to take advantage of economies of scale.
Answer the following statement true (T) or false (F)