The exporting trade in the United States has had a significant impact on the U.S. economy. In 2016, exports accounted for 11 million jobs—an increase of 3.3 million jobs since the 2009 recession. Which of the following is true about the impact of U.S. exports on the global economy?
a. During the time period from 2009-2016, exports have decreased in importance for the US. economy.
b. China and Mexico are our best partners for our exports.
c. The increase in trade volume over the past 65 years has been one of the most important factors in the rise of the living standards around the world
d Globalization represents a huge opportunity for wealthy nations but while it may creat
Answer: c. The increase in trade volume over the past 65 years has been one of the most important factors in the rise of the living standards around the world
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A graphical analysis of tariffs reveals that
A. they benefit domestic consumers at the expense of domestic producers. B. their revenue gains outweigh the costs to domestic consumers. C. although the benefits are not shared equally, everyone in the domestic economy benefits from tariffs. D. they increase domestic production of the good for which imports face tariffs.
Give an example of how the profits change from the short run to the long run for a firm in a perfectly competitive market.
What will be an ideal response?
The rule of reason is the criterion introduced by the courts for determining whether a firm's action was illegal under the Clayton Act.
Answer the following statement true (T) or false (F)
Refer to the diagram. Point b on short-run Phillips Curve PC 1 represents a rate of:
A. inflation below the natural rate.
B. inflation above the natural rate.
C. unemployment above the natural rate.
D. unemployment below the natural rate.