Imports are goods and services bought domestically
A) and produced domestically.
B) but produced in other countries.
C) and resold at a profit.
D) and not subject to tariffs.
Answer: B
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Suppose that workers develop a greater taste for leisure, and thus require more time away from work. What is likely to happen to wages and the quantity of labor hired?
A) wages decrease, quantity of labor hired increases B) wages increase, quantity of labor hired decreases C) wages increase, quantity of labor hired increases D) wages decrease, quantity of labor hired decreases
We assume that in the short run in a perfectly competitive market the:
A. price is fixed. B. number of firms is fixed. C. total quantity supplied is fixed. D. All of these are true of the short run.
All of the following statements are correct EXCEPT:
A. There are unemployed people even during expansions. B. Economies grow steadily over time. C. A trade surplus exists when a country exports more than it imports. D. Unemployment increases during recessions.
Everything else equal, a depreciation of the dollar will:
A) cause the GDP of the U.S. to fall. B) cause the inflation rate in the U.S. to decrease. C) cause the GDP of the U.S. to increase. D) cause the net exports of the U.S. to decrease.