National characteristics that affect the cost of producing goods in a particular country include all of the following except:
A. natural resources and climate.
B. endowment of factors of production.
C. technology.
D. proper government oversight of production.
D. proper government oversight of production.
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Relative to the situation in many other nations, the United States government plays a _______ role in its economy.
A. small B. large C. comparable D. nonexistent
The price of sugar that prevails in international markets is called the
a. export price of sugar. b. import price of sugar. c. comparative-advantage price of sugar. d. world price of sugar.
The short-term ups and downs in the level of economic activity is known as a(n)
A. business cycle. B. recovery model. C. circular flow model. D. unemployment trend.
The U.S. current account records
A) transactions involving foreign investment in the United States and U.S. investment abroad. B) transactions involving trade, interest payments, and net transfers. C) U.S. exports but not U.S. imports, which are recorded in the capital account. D) the current value of the balance of payments in U.S. dollars. E) all the international transactions during the current year.