The U.S. and other industrializing nations depended heavily on international trade
Indicate whether the statement is true or false
False (Unlike other nations, the U.S. did not.)
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Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the supply and decreasing the demand.
An example of the law of variable input proportions can be found in
A. the law of increasing returns to scale. B. the law of diminishing marginal returns. C. the law of large numbers. D. the law of demand.
A rightward shift of the investment demand curve could be caused by:
a. a technological advance. b. optimism about long-term growth. c. forecasts of favorable business conditions. d. an increase in confidence in short-run economic conditions. e. any of these.
Inferior goods typically obey the law of demand because the substitution effect tends to dominate the income effect
a. True b. False