Which of the following statements is false?
A) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop.
B) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
C) Not all sectors of the U.S. economy are affected equally by international trade.
D) Most of the leading exporting countries are large, high-income countries.
B
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Usharani consumes 35 apples a week and 14 loaves of bread. Apples cost $1 each and bread costs $2 per loaf. Usharani is maximizing his utility and finds that the marginal utility from his 35th apple
A) equals his marginal utility from his 14th loaf of bread. B) is twice his marginal utility from his 14th loaf of bread. C) is half his marginal utility from his 14th loaf of bread. D) is such that his total utility from apples equals his total utility from bread.
Which of the following statements is TRUE for both a competitive market and a single-price monopoly?
A) The firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost. B) The firm can make an economic profit in the long run. C) The price is set where the supply curve and demand curve intersect. D) The firm always produces at the lowest possible long-run average cost.