Which of the Following Statements About the Importance of Trade

question 53

Multiple Choice

Which of the following statements about the importance of trade to the U.S.economy is true?

• A)Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.
• B)Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.
• C)The United States is the second largest exporter in the world.
• D)The U.S. economy is highly dependent on international trade for growth in its gross domestic product.

Comprehend how outward-oriented policies impact a nation's productivity and economic growth.

Analyze the influence of investment on economic growth in comparison to other countries.

Evaluate the relationship between productivity, human capital, technological knowledge, and living standards.

Understand the significance of human and physical capital in economic development.

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Definitions:

Price/Demand Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.

Rental Capacity

The maximum number of units or space a property can offer for lease at any given time.

Automobile Rental

A service industry providing temporary access to vehicles on a short-term basis, typically ranging from a few hours to weeks.

OptQuest

An optimization software that uses various algorithms to find the best possible solutions to complex problems.