How has the pattern of trade changed in the United States since 1960? What are the types of goods that are causing the shift in the balance of imports and exports in the United States?
What will be an ideal response?
Since 1960, the volume of United States trade has grown dramatically. Imports in 2010 were over 14 times greater than imports in 1960 . In 1980, imports were only 5.2% of overall United States production, whereas imports are currently more than 16% of overall United States production. Exports are now more than 12 times greater than the level of exports in 1960 . Yet, they lag the current level of imports, making the United States a net importer. Manufactured goods have played an important role in the shift in the balance of imports and exports for the United States. Although the United States has continued to increase the quantity of manufactured goods that it produces, it has failed to meet demand domestically and has been importing more and more from other countries.
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In theory, any object ________ could play the role of fiat money
A) in unlimited supply B) for which demand is limited C) in limited supply D) that has an unlimited demand
Refer to Figure 17-6. Under Scheme I
A) workers signal their productivity to the firm by consistently selling above 30 vacuum cleaners. B) the incentive to increase productivity only occurs for sales of fewer than 20 vacuum cleaners or more than 30 vacuum cleaners. C) workers compete with each other to see who can sell more than 20 vacuum cleaners in the shortest possible time. D) workers have no incentive to sell more than 30 vacuum cleaners.