Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 19: Problem 25

Which statement is the most accurate? a) Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods. b) We import more foreign goods than we did 40 years ago, but merchandise imports are still about the same percentage of our GDP. c) In the decades following World War II, the Japanese consumer has strongly favored domestically manufactured goods over imports. d) America has maintained its technological lead.

Short Answer

Expert verified
The most accurate statement is B, stating that we import more foreign goods than we did 40 years ago, but merchandise imports are still about the same percentage of our GDP.

Step by step solution

01

Analyze Statement A

Statement A says that Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods. To determine the accuracy of this statement, we need to consider consumer behavior and preferences in the context of international trade and manufacturing. However, this statement does not provide enough data or contexts about specific periods or current situations.
02

Analyze Statement B

Statement B says that we import more foreign goods than we did 40 years ago, but merchandise imports are still about the same percentage of our GDP. This statement provides information on the change in the volume of imports in comparison to GDP. This statement can be evaluated for accuracy by looking at historical data on imports and GDP over the past 40 years and comparing their percentages.
03

Analyze Statement C

Statement C says that in the decades following World War II, the Japanese consumer has strongly favored domestically manufactured goods over imports. This statement provides information on the preference of Japanese consumers during a specific period in history. To evaluate the accuracy of this statement, we need to consider historical data on Japanese consumer behavior, import and domestic production during that period.
04

Analyze Statement D

Statement D says that America has maintained its technological lead. This statement talks about technological advancements and America's position in it. The accuracy of this statement can be evaluated based on the historical and current data on technological advancements, research spending, and the number of patents awarded to different countries.
05

Compare the Statements and Choose the Most Accurate

Based on the analysis of each statement, it could be determined that statement B provides a clear and verifiable claim about international trade and economic growth over the past 40 years. Some other statements lack a proper context or might not hold true across all time frames. Therefore, statement B is the most accurate among all the given statements.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Our biggest annual trade deficit in our history was more than billion. a) \( 300\) d) \( 600\) b) \( 400\) e) \( 700\) c) \( 500\)

Statement 1: Our trade deficit with China is larger than our trade deficit with Japan. Statement 2: Americans pay lower taxes on gasoline than do the citizens of most of the nations in Western Europe. a) Statement 1 is true, and statement 2 is false. b) Statement 2 is true, and statement 1 is false. c) Both statements are true. d) Both statements are false.

The Chinese economic expansion since the early 1980 s and the Japanese economic expansion from the late 1940 s through the 1980 s were a) virtually identical b) both dependent on the American market c) based in the economic principles of Karl Marx d) based on closing their domestic markets to American goods and services

Which statement do you agree with? a) There are several problems causing our huge trade deficit; there are no easy solutions to these problems. b) We could quickly eliminate our trade deficit by raising tariffs. c) The main reason we have a large trade deficit is that foreigners refuse to buy American goods and services. d) The main reason for our large trade deficit is our relatively low rate of economic growth.

Which statement is the most accurate? a) Our economy would be much better off if the entire globalization process were reversed. b) The globalization process creates billions of winners and no losers. c) The process of globalization could easily be reversed if Congress and the president were willing to act. d) Globalization ensures a more efficient allocation of resources throughout the world.
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free