Which of the following statements is true?
A) The growth rate of manufactured exports from the U.S. exceeded the growth rate of manufactured goods from China in the early 2000s.
B) The U.S. economy has failed to meet the demand for manufactured goods domestically.
C) U.S. exports are worth more than its imports.
D) The import of crude oil by the U.S. has been declining since 1960.
B
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Which of the following would not cause market demand for a normal good to decline?
a. An increase in the price of a substitute. b. An increase in the price of a complement. c. A decline in consumer income. d. Consumer expectations that the good will go on sale in the near future. e. An announcement by the Surgeon General that the product contributes to premature death.
The decision that households make to save is independent of the decisions businesses make to invest
Indicate whether the statement is true or false
(Consider This) Free products offered by firms:
A. may or may not be free to society but are never free to individuals. B. may or may not be free to individuals but are never free to society. C. are produced and distributed at no cost to society. D. are usually items nobody wants.
If a firm engages in a low-price guarantee, that firm picks a:
A. high price but instantly switches to a low price if its competitors choose a low price. B. low price but instantly switches to a high price if its competitors choose a low price. C. high price but instantly switches to a low price if its competitors choose a high price. D. low price no matter what the competition does.