All of the following statements about the United States are true EXCEPT:
A) The largest imports are services like royalties, license fees, and financial services, and the largest exports are goods like crude oil, automobiles, and clothing.
B) The United States is the world's largest international trader.
C) The United States imports more than it exports.
D) Services account for a larger portion of U.S. exports than U.S. imports.
E) Imports are a larger percentage of total expenditure than exports are a percentage of total production.
A
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a. are major contributors to the formation of photochemical smog b. release only small amounts of NOX and VOCs c. play a minor role in the smog problem of Los Angeles d. have not been linked scientifically to smog formation
Suppose that an increase in the price level of one country drives up prices in other countries. This, in turn, increases the price level in the first country. This process is the
A. price feedback effect. B. balance of trade effect. C. J-curve effect. D. trade feedback effect.