The majority of U.S. imports and exports involve:
Answer: manufactured goods.
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As long as scarcity exists,
a. product prices play no role in utility maximization b. income plays no role in utility maximization c. income and product prices must both be considered in utility maximization d. consumers maximize utility by consuming all products until their marginal utility is zero e. product prices will be zero
Economies of scale can be caused by
a. all of the following b. short-run increases in marginal productivity c. the use of larger, more specialized machines d. higher information costs as a firm expands e. bureaucratic red tape as a firm expands
What does a production possibilities curve show?
a. the amount of goods and services that all groups together want to purchase in a given period b. the difference between the actual distribution of income and perfect equality c. the inverse relationship between production and quantity demanded d. the potential total output combinations of any two goods for an economy in a given period
The purely competitive firm's supply curve:
A. is upward sloping when some inputs are fixed. B. is perfectly inelastic in the short run. C. is horizontal in the long run. D. becomes less elastic in the long run.