Which of the Following Statements About the Relationship Between the Imports

question 114

Multiple Choice

Which of the following statements about the relationship between the imports into the United States and the exports from the United States during the last 30 years is most accurate?

• A) Exports from the United States have declined, while import levels have remained about constant.
• B) The volume of both imports and exports has consistently decreased.
• C) Imports into the United States and exports have been about equal, indicating balanced trade.
• D) Exports have exceeded imports, indicating a continuing balance of trade surplus.
• E) Imports have exceeded exports, indicating a continuing balance of trade deficit.

---

Definitions:

Wage Rate

The amount of money paid to a worker per unit of time, usually expressed per hour or year.

Supply Curve

A graphical representation showing the quantity of goods that producers are willing and able to sell at different prices.

Market for Labor

The economic marketplace where employers find workers and workers find jobs.

Backward-Bending

Referring to the labor supply curve, it describes the scenario where an increase in wage rates leads to a decrease in the hours worked due to an increase in income effect over substitution effect.