Answer the following statements true (T) or false (F)
1. In terms of trade volume, China is the largest trading partner of the United States.
2. In 2011, the United States was the largest exporter in the world.
3. Among the principal exports of the United States are agricultural products.
4. The United States can be classified as an "open" economy in that foreign trade accounts for more than 50% of its GDP.
5. The U.S. has a sizable trade surplus in services.
1. F
2. F
3. T
4. F
5. T
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Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 30 for the last pound of mangos purchased and 10 for the last pound of bananas
To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only mangos.
Under a flexible exchange rate system, an increase in the value of a domestic currency in terms of other currencies is referred to as
A) an appreciation. B) a depreciation. C) a devaluation. D) a revaluation.
Since the middle 1980s, Bolivia and many other less-developed countries have experienced
a. negative terms of trade b. constant terms of trade c. increasing terms of trade d. decreasing terms of trade e. zero terms of trade
Exhibit 6-15 Long-run average cost
?
In Exhibit 6-15, diseconomies of scale are shown in the range of:
A. 0 to 500 units per week. B. 500 to 1,000 units per week. C. 1,000 to 2,000 units per week. D. zero per week.