Data on exports and imports for the United States over the period from 1890 to 2018 show that
A. a higher percentage of U.S. goods was exported in recent years than in earlier years.
B. the percentage of total output exported by U.S. firms fell dramatically during World War I and World War II.
C. the United States had large trade deficits throughout this entire period.
D. the United States had large trade surpluses throughout this entire period.
Answer: A
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Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
Explain the basic operations of an economic game
What will be an ideal response?
Economics is the study of
A. how much people should sell and the prices they should be willing to accept. B. the allocation of the world's freely available resources and who should get them. C. how much people should buy and the prices they should be willing to pay. D. the allocation and use of scarce resources to satisfy unlimited human wants.
While regressive taxes are considered inequitable, cigarette taxation is popular because _____
a. it is a sumptuary tax b. it mainly hurts tobacco farmers in a few Southern states c. in a lifetime sense it is a progressive tax d. people are inconsistent