Which of the following statements is false?
A) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop.
B) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
C) Not all sectors of the U.S. economy are affected equally by international trade.
D) Most of the leading exporting countries are large, high-income countries.
B
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Last year, after Shirley received a 14 percent pay increase, she increased the quantity of pork chops she purchased by 6 percent. Hence, her income elasticity of demand for pork chops equals
A) 0.43. B) -0.43. C) 2.33. D) -2.33
Does the presence in the real world of intraindustry trade prove or disprove the classical or Heckscher-Ohlin models? Explain
What will be an ideal response?
Which of these represents an example of citizens who would not typically be counted as unemployed?
A) when your economics professor loses his job and gets a new one at McDonald's B) when your fourteen-year-old cousin loses her summer job in September C) when your neighbor has been out of work for so long that he decides to stay at home and write a novel D) all of the above E) none of the above
A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,
a. U.S. investment and GDP increase, but German GDP is unaffected. b. U.S. investment and German GDP increase, but U.S. GDP is unaffected. c. U.S. investment, U.S. GDP, and German GDP are unaffected, because tractors are intermediate goods. d. U.S. investment, U.S. GDP, and German GDP all increase.