When imports and exports for the same type of good are nearly equal:
a. the laws of comparative advantage break down.
b. it is an indication that nearly all the trade is intra-industry.
c. exports are probably just "finished" in the nation instead of being fully sourced there.
d. there is a very low level of intra-industry trade.
Ans: b. it is an indication that nearly all the trade is intra-industry.
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The adult population of a country is 50 million. 35 million form part of its labor force. The labor-force participation rate in this country is _____
a. 50% b. 30% c. 70% d. 35%
Using the fiscal year 2020 estimates, the largest component of state and local revenue is the
A. revenue from the federal government. B. corporate income tax. C. individual income tax. D. sales, excise, and gross receipts taxes.
When a firm experiences declining long-run average total costs as it produces more output, there are
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