The United States is a leading exporter of wheat. What explains the comparative advantage of the United States in wheat production?
A) a large supply of unskilled labor
B) positive externalities
C) investment by multinational firms such as Archer-Daniels-Midland and Tyson Foods Inc.
D) climate and soil conditions in the United States which are well-suited for wheat production
D
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In the Solow growth model, an increase in the marginal propensity to consume shifts the ________, with the implied change in the capital stock resulting in a ________ standard of living in the long run
A) steady-state investment line upward, higher B) steady-state investment line downward, higher C) national saving line upward, lower D) national saving line upward, higher E) national saving line downward, lower
Which of the following correctly illustrates the leakages–injections approach to GDP?
a. DI + (NT) = C + I + G + (X ? M) b. S + C + NT = DI c. S + C + (NT) = I + G + (X ? M) d. S + (NT) + M = I + G + X e. S + (NT) = I + G + (X ? M)