How does the United States compare to other advanced, industrialized economies on the issue of openness?
A. The U.S. economy is completely closed.
B. The U.S. economy is at the low end of openness.
C. The U.S. economy is above average in openness.
D. The U.S. economy is among the most open.
E. The U.S. economy is the most open of any economy.
Answer: B
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Refer to Figure 9.3. If the market is in equilibrium, total consumer and producer surplus is
A) $0. B) $4. C) $5. D) $600. E) $800.
Between 1860 and 1890, both daily wages and annual earnings
a. fell slightly. b. stayed roughly the same. c. increased by 10%. d. increased by 50%.
The GDP gap measures the amount by which:
A. nominal GDP exceeds real GDP. B. actual GDP exceeds potential GDP. C. actual GDP exceeds national income. D. potential GDP exceeds actual GDP.
The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B, where it produces 200 units of X and 150 units of Y. It follows that
What will be an ideal response?