Which statement is true?
A. Until 1971, the U.S. ran a trade deficit virtually every year of the 20th century.
B. The U.S. ran trade surpluses for most of the 19th century.
C. In the 1920s, the U.S. flooded the rest of the world with consumer goods such as Model T Fords, radios and waffle irons as our trade surpluses increased.
D. Until after WWII most of U.S. exports were agricultural products, such as cotton and grain sent to Europe.
C. In the 1920s, the U.S. flooded the rest of the world with consumer goods such as Model T Fords, radios and waffle irons as our trade surpluses increased.
You might also like to view...
Jim bought a new bike and rides it every day, while his old one sits in the garage untouched. Jim’s opportunity cost of keeping the old bike is:
A. nothing, since he doesn't really value it anymore. B. whatever he could sell it for. C. whatever he would be willing to sell it for. D. All of these are true.
Which of the following is not correct?
a. When developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words. b. Graphs are one way of expressing the relationships among variables. c. When studying the relationship between two economic variables, graphs allow economists to draw indisputable conclusions about causes and effects. d. When analyzing economic data, graphs provide a powerful way of finding and interpreting patterns.
Issuing money to finance budget deficits:
A. increases the resources consumed by both the government and the private sector. B. does not increase the resources consumed by either the government or the private sector. C. increases the resources consumed by the government and thereby leaves fewer resources for the private sector. D. increases the resources consumed by the government but does not change the resources consumed by the private sector.
What do a rubbernecking traffic jam and the paradox of thrift have in common?
A. In both cases, individual behavior has large negative consequences for the whole of society. B. In both cases, seemingly bad behavior ends up harming everyone. C. In both cases, seemingly careless behavior leads to good times for all. D. In both cases, government intervention can only make matters worse