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.

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Definitions:

FICA-OASDI

Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance, a U.S. payroll tax funding Social Security.

FUTA

Stands for Federal Unemployment Tax Act, which imposes a payroll tax on employers to help fund state workforce agencies.

SUTA

State Unemployment Tax Act; a type of payroll tax that employers must pay to the state government to fund unemployment benefits.

FICA-OASDI

The Federal Insurance Contributions Act component for Old-Age, Survivors, and Disability Insurance, a payroll tax paid by employers and employees to fund Social Security.