Most U.S. imports are
a. manufactured goods
b. agricultural services
c. petroleum and related products
d. minerals such as bauxite and nickel
e. military goods
A
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In the model of monopolistic competition, trade costs between countries cause
A) marginal costs of exported goods to exceed the marginal costs of goods sold domestically. B) marginal costs of goods sold domestically to exceed the marginal costs of exported goods. C) all firms that can earn a profit on domestic sales to export their goods at lower prices. D) all firms that can earn a profit on domestic sales to export their goods at higher prices. E) countries to negotiate the elimination of trade costs by mutual subsidization of trade.
Velocity is defined as
A) P + M + Y. B) (P × M)/Y. C) (Y × M)/P. D) (P × Y)/M.
Which of the following is NOT a reason that free trade stimulates economic growth?
A) Free trade encourages a more rapid spread of technology. B) Industries have larger markets. C) The importation of technically advanced products enables the country to imitate the technology. D) Free trade keeps domestic prices up, enabling firms to make more profits that can be spent on research and development.
A decrease in Japanese real interest rates causes the dollar to _____________ which tends to _______________ U.S. Real GDP
A) appreciate; raise B) appreciate; lower C) depreciate; raise D) depreciate; lower