eco

posted by .

Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet there's also saying that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. How can you reconcile these two facts?


I need help!!!THANKS A LOT!!!!!!!!!!!!

  • eco -

    You have two words in your question that are very vague: substantial and large (quantity). The two "facts" are not really facts but extremely broad statements.

    Are "substantial" and "large" 20%, 30%, 40%, 50% of the total goods and services??

  • eco -

    That's what I am confused too.

  • eco -

    The only answer is that a country needs to have some kind of balance between imported and local goods and services.

  • eco -

    Trade is a two-way street. A contry cannot import anything unless it has something to export. To import a "substantial" amount of goods, a country must produce a "large quantity" of goods to be traded.

  • eco -

    Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet there's also saying that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. How can you reconcile these two facts?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. History

    Yes or no. To have a favorable balance of trade, a country must sell fewer goods to other countries than it buys from other countries. Yes or no.Money is an example of an capital resource. Yes or no.In our economic system, people receive …
  2. Global Issues (ms.sue)

    It is a known fact that all though there are some countries in the world that are abundant in wealth and possessions, there are also other countries at different parts of the world which are developing countries and are deprived of …
  3. Economics

    “Many countries peg their own currencies to the greenback; these countries import U.S. inflation when the Fed makes a mistake.” Why would these countries “import” inflation. A. this is incorrect because countries only import …
  4. Literacy

    The idea that countries should produce and sell goods that they produce most effectively and efficiently, and buy goods that other countries produce most effectively and efficiently, is known as A. absolute advantage theory. C. efficiency …
  5. Econ

    Do people living in countries with higher real GDP necessarily have better living standards compared to countries with relatively lower GDP?
  6. Geography (Ms. Sue)

    What makes the United States and Canada leading industrial nations?
  7. civics

    Which of the following describes how features of countries in north america influence change in these countries ?
  8. Civics

    In The Wealth of Nations, Adam Smith mentions that very good grapes could be grown in Scotland. However, growing high quality grapdes in Scotland would be about 30 times as expensive as purchasing grapes from foreign countries. Some …
  9. civics

    for the countries in north america each import and export different products the united states exports to other countries on every continent why is this possible
  10. history SUE HELP MEEEE

    In The Wealth of Nations, Adam Smith mentions that very good grapes could be grown in Scotland. However, growing high quality grapes in Scotland would be about 30 times as expensive as purchasing grapes from foreign countries. Some …

More Similar Questions