Which is the most accurate statement?
A. Our trade problems with China are very similar to our trade problems with Japan.
B. Our trade deficit with China in the 1990s grew much faster than our trade deficit with Japan.
C. We import most of our oil from Japan and China.
D. Japan is the dominant trading partner with the U.S.
B. Our trade deficit with China in the 1990s grew much faster than our trade deficit with Japan.
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Which of the following statements about advertising is true?
a. Advertising lowers the price of a product. b. Advertising lowers the total cost of obtaining a good. c. Advertising has no economic value. d. Advertising increases the opportunity cost of time.
Officially, the payroll tax is referred to as
a. the trust fund tax. b. Social Security tax. c. contributions for social insurance. d. investment in Social Security.
Say's law argues thatI.overproduction is typical in a market economy.II.supply creates its own demand.
A. I only B. II only C. Both I and II D. Neither I nor II
Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. the theory of comparative advantage suggests that
A. England should export trucks and import cars. B. the United States should import cars and export trucks. C. England should export both trucks and cars. D. the United States should export both trucks and cars.