The United States was unable to maintain its dominance in the production of televisions because:
A. automated techniques allowed production to be outsourced to countries with less-skilled workers.
B. the raw materials necessary to build televisions became scarce in the United States.
C. the product designs evolved too rapidly for engineers in the United States to keep up.
D. the highly technical skills necessary to produce televisions are greater in other countries.
Answer: A
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Suppose the reserve ratio is RR. Then,
A) required reserves = RR × excess reserves. B) required reserves = RR × loans. C) required reserves = RR × deposits. D) required reserves = RR × actual reserves.
The idea of convergence is that
a. Poor and rich economies will converge on middle-income status. b. Capitalist and Socialist systems will become more alike. c. Poor countries will grow faster than rich ones, but may level off before becoming rich. d. Agricultural technologies will come to resemble industrial technologies. e. None of the above.