The type of good with the largest import in the U.S. is:
A. industrial goods.
B. consumer goods.
C. automobiles.
D. capital goods.
Answer: B
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To be a natural monopoly a firm must
A) have significant network externalities. B) control a key resource input. C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms. D) be in a government-regulated market.
An individual in the labor force whose employment was involuntarily terminated is
A) a job leaver. B) a job loser. C) a job reentrant. D) part of the PPI.
"Antebellum transportation improvements encouraged the South to specialize in cotton, while depending on the West for food and the Northeast for manufactured goods.". This statement
a. describes Rostow's stages of growth model. b. describes North's interregional growth hypothesis. c. describes Thomas Jefferson's vision of the US economy. d. is supported by most contemporary economic historians.
Bethany decides to get some build a chicken coop, get some chickens, and start selling fresh eggs in her neighborhood. This example describes which of the following characteristics of perfect competition?
A. large number of small firms B. homogeneous goods C. very easy entry and exit D. imperfect information