Which of the following statements best describes the trading characteristics of the United States and Japan?
a. The United States and Japan are extremely large economies that have comparatively many nearby trading partners, and quite high levels of trade by world standards.
b. The United States and Japan are extremely large economies that have comparatively many nearby trading partners, and quite low levels of trade by world standards.
c. The United States and Japan are extremely large economies that have comparatively few nearby trading partners, and quite high levels of trade by world standards.
d. The United States and Japan are extremely large economies that have comparatively few nearby trading partners. Both countries actually have quite low levels of trade by world standards.
d. The United States and Japan are extremely large economies that have comparatively few nearby trading partners. Both countries actually have quite low levels of trade by world standards.
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In Figure 5-19, the consumer experiences at point C
A. greater total utility than at point D. B. greater total utility than at point E. C. less total utility than at point D. D. total utility equal to that experienced at point D.
Tariff rates on products imported into the U.S
A) have dropped substantially over the past 50 years. B) were prohibited by the Constitution. C) reached an all time high in 2002. D) have risen steadily since 1920. E) were the government's main source of income in 2006.
CETA's heavy emphasis on public sector employment was regarded as a success
Indicate whether the statement is true or false
Economists view positive statements as
a. affirmative, justifying existing economic policy. b. optimistic, putting the best possible interpretation on things. c. descriptive, making a claim about how the world is. d. prescriptive, making a claim about how the world ought to be.