As measured by the index of openness, the United States is relatively closed, and yet, it was the world's largest exporter in 2007
Indicate whether the statement is true or false
FALSE
Explanation: It was the third largest exporter.
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Using the standard 45° line diagram, how does a decrease in net exports effect the expenditure schedule?
A. It increases the slope of the expenditure schedule. B. It decreases the slope of the expenditure schedule. C. It shifts the expenditure schedule upward. D. It shifts the expenditure schedule downward.
A change in tax rates
A) has a larger multiplier effect the smaller the tax rate. B) has a less complicated effect on GDP than does a tax cut of a fixed amount. C) will not affect disposable income. D) will not affect the size of the multiplier.
If the marginal tax rate is less than the average tax rate as taxable income increases, the tax structure is
A) proportional. B) progressive. C) unfair. D) regressive.
"Natural resources" refers to
a. bodies of water b. trees c. oil reserves d. minerals e. All of the answers are correct.