Which of the following statements is most likely true?
a. In recent decades, the export/GDP ratio has generally fallen, both worldwide and for the U.S. economy.
b. In recent decades, the export/GDP ratio has generally risen worldwide, but not for the U.S. economy.
c. In recent decades, the export/GDP ratio has generally risen, both worldwide and for the U.S. economy.
d. In recent decades, the export/GDP ratio has generally fallen worldwide, but not for the U.S. economy.
c. In recent decades, the export/GDP ratio has generally risen, both worldwide and for the U.S. economy.
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As an economy increasingly specializes in producing one good, the opportunity cost of that good increases. The opportunity cost increases because
A) not all goods are equally valuable. B) as more of a good is produced, the profit from its production must rise. C) resources are not equally productive in all activities. D) what must be paid to resources increases. E) human wants are virtually unlimited.
To ask "what causes a recession" is the same as asking
A) "why does supply meet demand?" B) "what is the link between price elasticity of demand and price elasticity of supply?" C) "why have so many individuals made errors all at once?" D) "why have price controls failed us?"