Which statement is true?
A. Since 2007, the U.S. trade deficit has fallen significantly.
B. Net exports has always been negative.
C. The U.S. exports more services than merchandise (in terms of dollars).
D. The U.S. balance of trade was negative for most of the 20th century.
A. Since 2007, the U.S. trade deficit has fallen significantly.
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The classical model of Malthus predicted that economies would
A) continue to grow indefinitely. B) experience rapid technological progress. C) reach a state where the growth of real GDP per person stopped. D) experience significant productivity growth.
Stan owns a software design business. He obtained a bank loan to buy computer equipment for his business. He pays $1,000 per month for interest on the loan. He has 10 employees, each of whom is paid $4,000 per month
Because his business has been successful, next month he will increase employee wages to $5,000. If the revenue from his business remains at its current level, Stan is considering an addition to his office. Which of the following statements regarding Stan's business is false? A) The payments Stan makes to his employees are variable costs and explicit costs. B) The monthly payment Stan makes for his bank loan is a fixed cost. C) The time and effort Stan spends on his software design business is an implicit cost. D) The monthly payment Stan makes for his bank loan is an implicit cost.