Which of the following statements is true?
a. Real GDP is a positive function of net exports.
b. In the 1980s, the United States experienced a large trade surplus with Japan.
c. Positive net exports mean that the domestic country imports more than it exports.
d. Total U.S. net exports with Western Europe are zero.
e. U.S. net exports are negative because of large trade deficits with other industrial nations.
e
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During the last decade, the price of a computer fell every year and the quantity sold increased every year. This experience suggests that the
A) "law of demand" was definitely contradicted. B) "law of supply" was definitely contradicted. C) demand curve shifted rightward. D) supply curve shifted rightward.
In the four-quadrant diagram of the specific factors model, the graph in the upper left quadrant is a country's
A) production function for food. B) production possibility frontier. C) labor allocation constraint. D) production function for cloth. E) labor supply curve.