How have U.S. imports and exports, as a fraction of GDP, changed from 1970 to the present?
What will be an ideal response?
Since 1950, both exports and imports have been steadily increasing as a fraction of GDP. In 1970, exports and imports were both less than 6 percent of GDP. In 2014, exports were about 13 percent of GDP and imports were about 17 percent of GDP.
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In order to keep the real wage rate constant, the
A) inflation rate must be exactly one half of the expected inflation rate. B) money wage rate must increase by the same amount as the inflation rate. C) money wage rate must increase when the price level falls. D) money wage rate must decrease by the same amount as the inflation rate. E) nominal interest rate must be equal to the inflation rate.
Fair-trade standards guarantee:
A. Higher prices to producers that agree to pay their workers higher-than-market wages. B. That a country will restrict trade with other countries that impose unfair trade practices. C. That a country will not impose tariffs or quotas on imports. D. That a government will not intervene in the foreign currency market.