In 2015, the U.S. experienced a deficit in its balance of trade with
A. Mexico.
B. Canada.
C. China.
D. all of the answers are correct.
Answer: D
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If the price of new automobiles rises in the U.S. market while prices remain unchanged in foreign markets,
a. foreign firms will want to export fewer automobiles to the United States b. foreign firms will want to export more automobiles to the United States c. foreign firms will not change their exports to the United States since it is a different market d. U.S. firms will want to export more automobiles to foreign markets e. U.S. firms will not change their exports to foreign markets unless foreign prices also change
Cost-push inflation is inflation caused by
a. a decrease in aggregate demand b. a decrease in aggregate demand and an increase in aggregate supply c. a shortage of all goods d. an increase in aggregate supply e. a decrease in aggregate supply
Economic theory explains the process of "economizing", which is the process of
What will be an ideal response?
Refer to the graphs below. They show the long-run average total cost (LRATC) for cars. For which graph are there economies of scale throughout the entire range of output of cars?
A. Graph A
B. Graph B
C. Graph C
D. Graph D