Which of the following statements about U.S. trading partners is true?
a. The top trading partners are Canada, Mexico, China, and Japan.
b. The historical reliance on trade with Europe has not changed.
c. The United States trades almost exclusively with Asian countries.
d. The top trading partners are Russia, Cuba, and the two Koreas.
a. The top trading partners are Canada, Mexico, China, and Japan.
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People who are currently not working but are actively looking for work are officially classified as
A) employed and out of the labor force. B) unemployed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
Which of the following is NOT a category in the U.S. balance of payments account?
A) current account B) past-due account C) capital account D) official reserve transactions account
Suppose Bob leaves his $50,000-a-year job as a financial advisor to P.E.T.S. and starts his own business selling spot remover for Dalmatians. In the first year his accounting profit is $70,000 . Based on this level of success, Bob should
a. return to his old job because his economic profit is negative b. return to his old job because his economic profit is smaller than his accounting profit c. return to his old job because his economic profit is less than his old salary d. stay with his new firm because his economic profit is positive e. stay with his new firm because accounting profit is positive
To finance a budget deficit the federal government borrows funds
Indicate whether the statement is true or false