Refer to Figure 9-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 40 million pounds of which 22 million pounds are imports.
B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports.
C) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
D) Domestic consumption equals 28 million pounds of which 18 million pounds are imports.
C
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In the U.S. economy, which of the following statements is TRUE?
A) More goods are produced than services. B) More services are produced than goods. C) Production is divided evenly between goods and services. D) The economy is too complex to determine the proportion of production that is devoted to producing services.
During the years prior to the Great Depression (the 1920s), farmers were
(a) experiencing an increase in the value of farm output. (b) enjoying rising incomes and prosperity in spite of interest charges and taxes on real estate. (c) experiencing stagnant incomes. (d) experiencing declining incomes and hard times.