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Chapter 8: Problem 24

Which statement would best describe the situation of the American economy? (I.O3) a) We are more dependent on foreign trade than most other nations. b) We are much more dependent on foreign trade than we were 30 years ago. c) We are much less dependent on forcign trade than we were 30 years ago. d) We are virtually self-sufficient.

Short Answer

Expert verified
The best statement to describe the current situation of the American economy is: b) "We are much more dependent on foreign trade than we were 30 years ago."

Step by step solution

01

Read and understand the given statements

We must consider the four statements given and understand what each one implies about the situation of the American economy in terms of foreign trade dependence. a) "We are more dependent on foreign trade than most other nations." b) "We are much more dependent on foreign trade than we were 30 years ago." c) "We are much less dependent on foreign trade than we were 30 years ago." d) "We are virtually self-sufficient."
02

Research and gather the needed information

To answer this question, we must research and understand the changes and trends in the United States economy, especially in terms of foreign trade dependence, over the past 30 years. This information can be obtained through various sources like textbooks, economic reports, online articles, etc.
03

Compare your findings to the given statements

After gathering the necessary information, we must compare our findings to the given statements to determine which best describes the American economy's current situation concerning foreign trade.
04

Choose the best statement

Based on the information and comparison made in the previous step, choose the statement that best describes the American economy's current situation concerning its dependence on foreign trade. After analyzing the data, it appears that the best statement to describe the current situation of the American economy is: b) "We are much more dependent on foreign trade than we were 30 years ago." This statement captures the increase in the United States' dependence on foreign trade over the past decades and reflects the interconnectedness of global economies.

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Most popular questions from this chapter

The main criticism Joseph Stiglitz levels at the IMF is that (LO7) a) it provides too many loans that are not repaid b) it no longer promotes economic growth, but rather contraction c) it does not provide enough loans d) it does not sufficiently promote the market system

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.

In the 20 th century our balance of trade was positive until the (LO3) a) \(1950 \mathrm{~s}\) d) \(1980 \mathrm{~s}\) b) \(1960 \mathrm{~s}\) c) \(1990 \mathrm{~s}\) c) \(1970 \mathrm{~s}\)

Which would be the most accurate statement? (LO1,7) a) Globalization has helped almost everyone and hurt almost no one. b) Aside from a few malcontents who turn up at demonstrations, there is almost no opposition to globalization in the United States. c) It can be argued that globalization has hurt many poorer countries. d) Globalization is an unmitigated economic disaster and should be reversed.
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