Based on data from 2016, annual imports to the United States were approximately ____ and annual exports from the United States were approximately ____.
A. $0.6 trillion; $1.5 trillion
B. $2.2 trillion; $0.7 trillion
C. $2.9 trillion; $2.3 trillion
D. $1.5 trillion; $2.0 trillion
E. $2.0 trillion; $2.0 trillion
Answer: C
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The United States is less dependent on trade than most other countries because
A) the United States is a relatively large country with diverse resources. B) the United States is a "Superpower." C) the military power of the United States makes it less dependent on anything. D) the United States invests in many other countries. E) many countries invest in the United States.
The optimum quantity of an input occurs when
A. diminishing returns set in. B. marginal revenue product equals input price. C. marginal physical product equals input price. D. marginal revenue product equals output price.
On a TE-TP diagram consider a level of Real GDP at which the vertical distance to the TE line is less than the vertical distance to the 45-degree line. This level of Real GDP is __________ its equilibrium level, with __________
A) above; TE > TP B) above; TE < TP C) below; TE > TP D) below; TE < TP
Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. The British experience with water privatization showed that the distribution of water is:
A. a natural monopoly. B. best left as a deregulated market. C. best set up as a trust. D. a classic example of price fixing.