16 As a country develops economically, what changes usually take place in the go
ID: 1193218 • Letter: 1
Question
16
As a country develops economically, what changes usually take place in the goods it exports?
Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.
There is little change because comparative advantage does not change.
Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.
Exports go from being diversified to being specialized in whatever the country finds to its comparative advantage.
17
News Story: Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment describes the workers' situation?
Structural unemployment
Cyclical unemployment
Frictional unemployment
Full unemployment
Explanation / Answer
16 Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods
17 Cyclical unemployment
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.