The merchandise trade balance does not include
a. exports of refrigerators
b. imports of automobiles
c. exports of agricultural products
d. shipping and insurance costs
e. imports of food items with heavy tariffs
D
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Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.
a. elastic b. unit elastic c. inelastic d. independent
The short-run equilibrium of the firm under monopolistic competition has excess capacity.
Answer the following statement true (T) or false (F)
Under perfect competition in the long run, price is equal to
A. marginal revenue. B. marginal cost. C. average total cost. D. All of the choices are equal to price under perfect competition.
If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1, what was the approximate economic growth rate during this time period?
A) 9.73 percent B) 2.67 percent C) 3.58 percent D) 2.74 percent