which of the following is a major import for the united states course hero

Who hires economic experts to calculate the opportunity costs of different goods in different countries?

Why can't American producers compete with foreign producers?

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Who hires economic experts to calculate the opportunity costs of different goods in different countries?

c. the Economic Development Office of the United Nations hires economic experts to calculate the opportunity costs of different goods in different countries and then suggests to countries what they ought to produce.

Why can't American producers compete with foreign producers?

Smith argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Smith is

What are the most important goods that are imported by the US?

The most important goods that are imported by the US are computer and electronic products, transportation equipment, chemicals, machinery, and mineral fuels such as oil and gas.

What countries do the US import?

The biggest trade partners for the United States are China, Canada, Mexico, Japan, and Germany in that order. These countries make up half of all US imports.

What are the most important capital goods?

The most important capital goods that get imported by the US are computers and telecommunications. Consumer goods make up the second biggest category of imports, and here, the most important ones are cell phones and televisions, followed by pharmaceuticals. Over 80% of the things that are imported by the United States can be categorized as goods.

Which country trades with the US?

Mexico is another country that trades with the US in large amounts, mostly providing the country with manufactured goods. Next on the list are Japan and Germany, and both of these countries export mostly automobiles to the United States. Not only that, the US imports machinery and medical equipment from Japan, and pharmaceuticals, ...

Where do US companies manufacture their products?

Many US companies manufacture their products in China, by shipping materials there in order to create the product, and then import it back to the US. Canada is the second-largest US trade partner, and more than 70% of its exports are reserved for the United States. Oil and gas is the most prevalent product on the list of imports.

Which countries are the biggest trade partners for the United States?

The biggest trade partners for the United States are China, Canada, Mexico, Japan, and Germany in that order. These countries make up half of all US imports. Over 80% of the things that are imported by the United States can be categorized as goods.

Is the US a self-sufficient country?

The US market is incredibly vast, and the amount of products that get produced in it is huge. The US is self-sufficient in food and can survive thanks to its many exports, but that does not mean that it is not dependent on other countries. The United States imports many things, including food, and has several major trade partners.

What is the US imports in 2020?

The United States imported $2,810.6 billion worth of goods and services in 2020, down $294.5 billion from 2019. This consisted of $2,350.6 billion worth of goods and $460.1 billion worth of services. The goods and services deficit was $678.7 billion in 2020, up $101.9 billion from $576.9 billion in 2019. The 2020 increase in the goods and services deficit reflected an increase in the goods deficit of $51.5 billion, or 6.0%, to $915.8 billion and a decrease in the services surplus of $50.4 billion, or 17.5%, to $237.1 billion. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.2% in 2020, up from 2.7% in 2019. The large decline in imports in 2020 has been attributed to the effects of COVID-19 pandemic. Some key highlights of the 2020 data are:

How much did imports decrease in 2020?

Some key highlights of the 2020 data are: Imports of goods decreased $166.2 billion to $2,350.6 billion in 2020. Automotive vehicles, parts, and engines decreased $65.2 billion. Passenger cars decreased $33.4 billion.

Who hires economic experts to calculate the opportunity costs of different goods in different countries?

c. the Economic Development Office of the United Nations hires economic experts to calculate the opportunity costs of different goods in different countries and then suggests to countries what they ought to produce.

Why can't American producers compete with foreign producers?

Smith argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Smith is