Which of the following statements about the importance of trade to the U.S. economy is true?
A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.
B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.
C) The United States is the second largest exporter in the world.
D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.
Answer: C
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour
After this minimum wage is in effect, and taking account of the resources lost in job search, workers' surplus equals ________. A) $800 B) $900 C) $400 D) $1,800 E) $200
Suppose there are four firms in an industry. The market shares of the four firms are 5 percent, 20 percent, 35 percent, and 40 percent. The Herfindahl-Hirschman index for that industry is
A) 6,650. B) 3,250. C) 1,250. D) 100.
If the price of a product falls too much, the producer can ________________the market.
Fill in the blank(s) with the appropriate word(s).
Which of the following describes a situation in which demand must be inelastic?
A. Total revenue decreases by 10 percent when the price of spats rises by 10 percent. B. Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent. C. Total revenue increases by more than 10 percent when the price of spats rises by 10 percent. D. Total revenue decreases by $10 when the price of spats rises by $10.