Which of the Following Statements Is True

question 174

Multiple Choice

Which of the following statements is true?

• A)Japan is more dependent on foreign trade than is the United States.
• B)Imports and exports account for over one-half of the GDP of Belgium.
• C)France is the leading exporting country, accounting for 10 percent of total world exports.
• D)Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops.

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Definitions:

Average Total Cost Curve

A graph that shows the cost per unit of output at different levels of production, illustrating how average total cost changes with changes in output.

Short-Run

A period in which at least one of a firm's inputs is fixed and cannot be changed.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, which decreases as production increases.

Producing Purses

The activity or business of manufacturing handbags.