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Question 91 pts Which statement is true? Nations should strive for self-sufficiency. The U.S. balance of...

Question 91 pts

Which statement is true?

Nations should strive for self-sufficiency.
The U.S. balance of trade has always been positive.
Our biggest trade deficit was a little over $50 billion.
Our balance of trade turned negative in the mid-1970s.

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Question 101 pts

The opportunity cost of 1 wheat to Country X is 2/3 software and the opportunity cost of 1 wheat to Country Y is 2.5 software. Which of the following terms of trade would NOT support trade?

1.25 software = 1 wheat.
2 software = 1 wheat.
1 software = 1 wheat.
1/2 software = 1 wheat.
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Homework Answers

Answer #1

91 (d) US balance of trade turned negative in the mid-1970s. Attached is the graph that reflects the same as per US Census Bureau.

101 (d) 1/2 Software = 1 Wheat does not support Terms of Trade

Terms of Trade can be anything between 2/3 (0.67) units and 2.5 units of Software for 1 unit of Wheat. So keeping that in mind 1.25, 2 or 1 Software all fall in the range except 1/2 (0.5) software for 1 wheat.

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