During the last several decades, the size of the trade sector (exports plus imports) of the United States has been
a. increasing as a share of the economy.
b. relatively constant as a share of the economy.
c. declining as a share of the economy.
d. increasing during periods of recession, but declining during periods of strong economic growth.
A
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In the long run, the supply curve
A) is more elastic than it is in the short run. B) is less elastic than it is in the short run. C) exhibits no systematic sequence of changes in elasticity. D) exhibits no change in elasticity at all.
The Coase theorem will hold only if:
A. people can make enforceable agreements. B. there are no transactions costs. C. Both of these must hold true. D. Neither of these must hold true.
If the reserve ratio is 10%, and banks do not hold excess reserves, when the Fed purchases $10 million of government bonds, bank reserves
A) increase by $10 million and the money supply could eventually increase by $10 million. B) decrease by $10 million and the money supply could eventually decrease by $100 million. C) increase by $10 million and the money supply could eventually increase by $100 million. D) decrease by $10 million and the money supply could eventually decrease by $10 million
Refer to the graph shown. Total cost of producing Q* is represented by:
A. area 0Q*CD. B. area 0Q*AF. C. area 0Q*BE. D. cannot be determined.