The U.S. trade deficit has been mainly caused by:
A. cheap labor in other countries.
B. a low rate of national saving.
C. unfair trade restrictions imposed by other countries on imports.
D. production of inferior goods in the U.S.
Answer: B
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Other things remaining the same, which of the following is likely to happen if an industry introduces a labor-complementary technology in production?
A) There will be a rise in both the wage rate and the employment levels in the industry. B) There will be a fall in both the wage rate and the employment levels in the industry. C) There will be a fall in the wage rate and a rise in the employment levels in the industry. D) There will be a rise in the wage rate and a fall in the employment levels in the industry.
One way to allocate the scarce good created from an effective price ceiling is to:
`A. offer it on a first-come, first-served basis. B. ration a certain quantity per household. C. give them to the friends and family of the producers. D. All of these are examples of allocating using non-price methods.
Consider a system in which a person earning $10,000 pays $1,000 in taxes, a person earning $25,000 pays $2,000 . and someone earning $60,000 pays $4,000 . What type of tax is this?
a. progressive b. proportional c. regressive d. property tax e. one based on the benefits principle of taxation
All saving in the U.S. economy shows up as
a. investment in the U.S. economy. b. U.S. net capital outflow. c. either investment in the U.S. economy or U.S. net capital outflow. d. None of the above is correct.