How would you characterize the types of goods that are traded internationally?
What will be an ideal response?
While automobiles rank third, petroleum ranks first, and most trade is in agricultural products, ram materials, semimanufactured goods, and capital goods.
You might also like to view...
The best estimate for the size of overseas trade as a proportion of national income in 1774 is:
a. 0%-5%. b. 15%-20%. c. about 50%. d. 70%-75%.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the following would NOT cause the costs in a monopolistically competitive industry to be higher than those in a perfectly competitive industry?
A. A large number of competitors B. Advertising expenditures C. Marketing costs necessary to differentiate a product D. The ability to control the price of the product so costs can be allowed to rise
When Economist Truman Bewley surveyed managers about their employment decisions during a recession, he found that:
A. they are indifferent between using layoffs and using wage cuts during a recession. B. they feel guiltier about reducing workers' wages than they do about firing workers. C. it is easier to reduce wages slightly for all workers than to fire some workers. D. it is easier to fire some workers and leave the wages of the other workers unchanged.