Since the 1950s, U.S. exports have generally ________ as a share of GDP, while U.S. imports have generally ________ as a share of GDP.
A. risen; risen
B. fallen; fallen
C. risen; fallen
D. fallen; risen
Answer: A
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The law of diminishing marginal utility indicates that the marginal utility curve is:
a. downward sloping. b. upward sloping. c. U-shaped. d. flat. e. vertical.
Expansionary monetary policy involves actions that:
A. reduce the money supply in order to decrease aggregate demand. B. increase the money supply in order to decrease aggregate demand. C. reduce the money supply in order to increase aggregate demand. D. increase the money supply in order to increase aggregate demand.
The elasticity of supply of a good that is produced in a perfectly competitive industry is close to zero
a. True b. False Indicate whether the statement is true or false
A standardized product is a product
A. where the demand function is downward sloping for both the firm and the industry. B. that is unique to one producer. C. which is produced according to government regulations. D. that has many perfect substitutes.