Which of the following statements is true?
A. Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops.
B. Imports and exports account for over one-half of the GDP of Belgium.
C. Japan is more dependent on foreign trade than is the United States.
D. France is the leading exporting country, accounting for 10 percent of total world exports.
Answer: B. Imports and exports account for over one-half of the GDP of Belgium.
You might also like to view...
The total number of workers in two different countries are equal. However, each worker in Country A is three times more productive than a worker in Country B. Which of the following is true in this case?
A) The capital stock in Country B is three times more than the capital stock in Country A. B) The total efficiency units of labor in Country A is three times more than the total efficiency units of labor in Country B. C) The total efficiency units of labor in Country A is one-third of the total efficiency units of labor in Country B. D) The total efficiency units of labor in Country B is six times more than the total efficiency units of labor in Country B.
The apparent stickiness of the price of goods sold by oligopolists can be explained by the
A. contestable markets model. B. sales maximization model. C. kinked demand curve model. D. entry deterrence model.
Workers usually negotiate compensation in terms of the nominal wage because wage agreements are based on expected price levels
a. True b. False Indicate whether the statement is true or false
Suppose in the country of Jumanji that the price of coffee with no trade allowed is below the world price of coffee. If Jumanji allows free trade, will Jumanji be an importer or an exporter of coffee?