Explain why international trade is less important to the United States than it is to many other countries
What will be an ideal response?
In the United States, international trade (imports and exports) makes up a lower percentage of GDP than in many other countries. As a percentage of GDP, U.S. imports and exports each make up less than 20 percent of U.S. GDP, whereas in some countries, such as Belgium and the Netherlands, imports and exports make up over half of GDP, and in larger European nations such as France, Italy, Germany, and the United Kingdom, imports and exports make up between 25 and 50 percent of GDP.
You might also like to view...
In the labor market, the income tax creates a tax wedge which raises the ________ wage rate, reduces the ________ wage rate, and ________ employment
A) after-tax; before-tax; does not affect. B) before-tax; after-tax; does not affect C) before-tax; after-tax; increases D) before-tax; after-tax; decreases E) after-tax; before-tax; decreases
Bob inherits a large sum of money from his dead uncle's estate. Bob decides to retire young, so he quits his job and heads to the Bahamas. Bob is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) None of the above is correct.