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Chapter 8: Problem 18

Statement I: The United States has a much less selfsufficient economy than those of countries in Western Europe. Statement II: Mexico sends the United States more than 80 percent of its exports. ( \(\mathrm{LO} 2,7\) ) a) Statement 1 is true, and statement II is false. b) Statement II is true, and statement I is false. c) Both statements are true. d) Both statements are false.

Short Answer

Expert verified
b) Statement II is true, and statement I is false.

Step by step solution

01

Analyze Statement I

Statement I: "The United States has a much less self-sufficient economy than those of countries in Western Europe." To determine the truthfulness of this statement, we need to compare the self-sufficiency of the United States' economy to that of countries in Western Europe. A self-sufficient economy is one that can provide for its own needs without relying on external resources or trade. Factors that could indicate self-sufficiency might include domestic production, imports and exports, and natural resources.
02

Analyze Statement II

Statement II: "Mexico sends the United States more than 80 percent of its exports." To determine the truthfulness of this statement, we need to look at trade data between Mexico and the United States. If 80 percent or more than Mexico's total exports go to the United States, this statement would be true.
03

Choose the correct option

Based on the analysis of each statement, we can now determine which option is correct: a) Statement 1 is true, and statement II is false. b) Statement II is true, and statement I is false. c) Both statements are true. d) Both statements are false. From the analysis above, we cannot provide a definite answer, as it requires external knowledge about economic statistics. Therefore, teachers should encourage students to research and gather relevant information to make an informed decision in this exercise.

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Most popular questions from this chapter

Specialization and exchange can result in each of the following except \((1.02)\) a) a higher standard of living b) frcc trade c) more output d) more national self-sufficiency

Which one of these is the most accurate statement that can be made about the issue of buying a product that is made with sweatshop labor? (LO7) a) All products made with sweatshop labor should be boycotted. b) Everyone should be encouraged to buy products made with sweatshop labor. c) Virtually all the goods we import are made with sweatshop labor. d) Although wages in sweatshops are very low, they are generally higher than workers could earn in other jobs.

Which one of these is the most accurate statement that can be made about the issue of buying a product that is made with sweatshop labor? (LO7) a) All products made with sweatshop labor should be boycotted. b) Everyone should be encouraged to buy products made with sweatshop labor. c) Virtually all the goods we import are made with sweatshop labor. d) Although wages in sweatshops are very low, they are generally higher than workers could earn in other jobs.

Which statement is false? (LO3) a) During World War I and World War II, the sum of our imports and exports as a percent of GDP rose sharply. b) Foreign trade in goods is much more important to the American economy than forcign trade in services. c) Because the American economy is much larger than any other economy, we can continue running larger and larger trade deficits for as long as we like. d) We pay for a large chunk of our trade deficit with U.S. dollars.

Statement I: The European Union was formed as a trading counterweight to NAFTA. Statement II: Since the formation of NAFTA, the United States has lost millions of jobs to Mexico. (L.O7) a) Statement I is true, and statement II is false. b) Statement II is true, and statement I is false. c) Both statements are true. d) Both statements are false.
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