The ratio of exports to GDP in the United States is small relative to that of other countries.
Answer the following statement true (T) or false (F)
True
The United States is a very large market where most production is sold domestically, so it has a low ratio of trade to GDP, while smaller countries such as Belgium have a very high trade to GDP ratio.
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According to the table above, ________ percent of total income is redistributed from the highest income group
A) 4.7 B) 2.3 C) 1.5 D) 3.8
Suppose the economy's short-run equilibrium is at a point to the right of Natural Real GDP. Which of the following statements is true?
A) The economy is in an inflationary gap. B) The economy is in a recessionary gap. C) The economy is in long-run equilibrium. D) This situation is actually impossible.
If a business is losing money on the goods it is producing, this indicates that
a. the business is producing the goods at the lowest possible cost. b. the resources used to produce the goods are too expensive and need to be subsidized in order to be used productively. c. the resources would be used more productively producing other things. d. the consumer values the goods highly relative to costs.
Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each additional laborer was beginning to fall off. This is an example of the
A) law of increasing opportunities. B) law of demand. C) law of diminishing marginal utility. D) law of diminishing product.