In 2013, about what percentage of goods and services sold in the United States was imported?
a. 5%
b. 16%
c. 22%
d. 88%
b
You might also like to view...
In the circular flow model, the expenditures on goods and services flow in the
A) same direction as goods and services in all cases. B) same direction as goods and services only if they both flow through the goods market. C) same direction as goods and services only if they both flow through the factor market. D) opposite direction as goods and services. E) same direction as factor markets.
The main difference between the price-quantity graph of a perfectly competitive firm and a monopoly is
A) that the competitive firm's demand curve is horizontal, while that of the monopoly is downward sloping. B) that a monopoly always earns an economic profit while a competitive company always earns only normal profit. C) that a monopoly maximizes its profit when marginal revenue is greater than marginal cost. D) that a monopoly does not incur increasing marginal cost.
If you believe that the inflation rate is likely to be high over the next ten years, you would want to
a. have a pension with raises indexed to the CPI if you were going to be retiring b. obtain a variable rate mortgage c. not obtain any fixed rate consumer loans d. pay off all of your existing fixed rate loans e. be a shareholder of a bank because their profits are going to increase dramatically
The distinction between discretionary fiscal policy and the use of automatic stabilizers is that
a. only discretionary fiscal policy can stimulate the economy. b. only automatic stabilizers can stimulate the economy. c. discretionary fiscal policy, once adopted, is built into the structure of the economy. d. automatic stabilizers, once adopted, are built into the structure of the economy.