Which of the Following Statements About the Importance of Trade

question 26

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 largest exporter in the world.
• D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.

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Definitions:

Product Development Strategy

A plan of action for creating new products or improving existing ones to meet market demands and achieve competitive advantage.

New Products

Items that have been introduced to a market for the first time or significantly improved in terms of technology, composition, or usability.

Indirect Activity

Activities that support the production process but do not directly contribute to the final product or service.

Human Resources

The department within an organization dealing with the recruitment, administration, and training of employees, as well as other personnel-related activities.