Which of the following statement is FALSE?
a) Imports and exports account for over one-half of the GDP of the Netherlands.
b) Japan is less dependent on foreign trade than is the United States.
c) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice, and corn crops.
d) China is the leading exporting country, accounting for 12.1 percent of total world exports.
Ans: c) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice, and corn crops.
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Refer to Figure 9-2. Without the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
Answer the following statement(s) true (T) or false (F)
1. In a market economy, CEOs and other top executives own most of the resources. 2. The market system can work only if the government enforces the rules. 3. Inflation is defined as an increase in the overall price level in an economy. 4. Unemployment can occur because of seasonal fluctuations in demand.
Heterogeneous inputs in a perfectly competitive market will cause the industry to face ________ costs because as the firm produces a larger quantity, it is forced to use ________ productive inputs.
A. increasing; less B. decreasing; less C. increasing; more D. decreasing; more
Which of the following groups generally has the lowest unemployment rate?
A. High school graduates with no further education. B. College dropouts. C. High school dropouts. D. College graduates.