From which of the following countries does the U.S. import the largest dollar value of goods?
a. Canada
b. Mexico
c. Great Britain
d. Japan
a
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One common definition of economics is the study of
A. how scarcity increases opportunities to meet ends. B. how markets overcome scarcity. C. one goal and three tasks. D. how to use limited means to meet unlimited wants. E. wants versus needs.
If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $1000 billion, and excess reserves total $1 billion, then the excess reserves-checkable deposit ratio is
A) 0.01. B) 0.10. C) 0.001. D) 0.05.
When long-run average costs are declining for the entire range of demand, the firm is known as a(n):
a. local monopoly. b. regulated monopoly. c. monopolistically competitive firm. d. natural monopoly. e. oligopoly.
The most important international trade organization is
A. the World Trade Organization. B. the World Bank. C. the International Monetary Fund. D. the European Union.