Which of the following has occurred for the United States since 1960?
A) The ratio of exports to GDP (X/Y) and the ratio of imports to GDP (IM/Y) have both decreased.
B) X/Y has increased while IM/Y has decreased.
C) X/Y has decreased and IM/Y has increased.
D) X/Y and IM/Y have stayed relatively constant.
E) none of the above
E
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Which of the following is not a source of rents?
a. Tariffs b. Logrolling c. Price supports d. Entry barriers
What denotes the output level where economies of scale are exhausted and constant returns to scale begin?
a. minimum efficient scale b. break-even point c. efficient equilibrium d. zero economic profit
The Earned Income Tax Credit provides a tax credit or rebate to
a. businesses that undertake investment expenditures. b. taxpayers with incomes greater than $100,000. c. persons with low incomes who are working. d. single parent families when the parent stays home to take care of the children.
If the price elasticity of supply is 1.5, and a price increase led to a 3% increase in quantity supplied, then the price increase is about
a. 0.2%. b. 0.5%. c. 2.0%. d. 4.5%.