Which of the following is both a major import and a major export of the United States?
A. Apparel
B. Agricultural products
C. Computers
D. Petroleum
C. Computers
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Suppose you came across the following headline in a story of a daily newspaper: "Automobile prices are so high right now that there must be a shortage. As a consequence not everyone who needs an automobile will be able to buy one
" Is this statement necessarily correct?
A higher marginal income tax rate reduces incentives to work because:
A. leisure and other non-market activities aren't taxed, and so their relative price goes up. B. the opportunity cost of leisure remains constant while after-tax wages fall. C. the opportunity cost of leisure increases with the marginal income tax rate. D. leisure and other non-market activities aren't taxed, and so their relative price goes down.
The long-run aggregate supply analysis assumes that:
A. Input prices are fixed while product prices are variable B. Input prices are variable while product prices are fixed C. Both input and product prices are variable D. Both input and product prices are fixed
It costs a computer manufacturer $1,000 to produce a personal computer. This manufacturer sells these computers abroad for $600. This is an example of
A. a negative tariff. B. export subsidy. C. a trade-related economy of scale. D. dumping.