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  • If you take a vacation in Europe, then your expenditures on lodging in France are counted as a #251
  • With which of the following nations does the United States do the largest amount of trade? #252
  • How do you explain that the US had a negative net lending position in 2002? The reason is that so many European and Asian companies set up affiliates in the US. #253
  • In the United States since 1960, what has happened to the percentage of the total production of goods and services that is exported and to the percentage of the total purchases of goods and services that is imported? #254
  • A country has a balance of trade deficit if the value of its exports are … the value of its imports. #255
  • If a nation imports a good that can be domestically produced, the market price of the good #256
  • The United States can use all its resources to produce 50 videos or 250 shoes. The opportunity cost of producing a video is #257
  • The United States can use all its resources to produce 50 videos or 400 shoes. China can use all of its resources to produce 25 videos or 300 shoes. In this example, #258
  • With international trade, a country #259
  • Dynamic comparative advantage results from #260
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