During the Last Several Decades, the Size of the Trade

question 92

Multiple Choice

During the last several decades, the size of the trade sector (exports plus imports) of the United States has been

• A) increasing as a share of the economy.
• B) relatively constant as a share of the economy.
• C) declining as a share of the economy.
• D) increasing during periods of recession, but declining during periods of strong economic growth.

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Definitions:

Barriers to Entry

Factors that make it difficult for new firms to enter a market, including high startup costs, strict regulations, and existing competition.

Channels of Distribution

The paths or routes through which goods and services flow from the producer to the consumer or end user.

Herbert Simon

was an American economist and cognitive psychologist known for his contributions to decision-making theory and artificial intelligence.

Nobel Laureate

An individual who has been awarded the Nobel Prize, recognizing outstanding contributions to humanity in fields such as literature, peace, economics, medicine, and science.