In the U.S. GDP, imports
A. Are the total of U.S. goods sent abroad.
B. Include black-market goods.
C. Are goods purchased from foreign sources.
D. Include smuggled goods.
Answer: C
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In the figure above, U.S. consumers buy ________ airplanes per year at ________ million per airplane
A) 200; $150 B) 400; $100 C) 700; $150 D) 400; $150 E) 200; $100
The assumption that the velocity of money and the quantity being produced is constant is held by the:
a. Keynesian school. b. supply-side school. c. neo-Keynesian school. d. rational expectations school. e. classical school.
Which of the following is an implication of the law of diminishing returns?
a. Total output will decline as more workers are hired. b. In the long run, average total cost will eventually decline as output is expanded. c. In the short run, expansion of output will eventually lead to increases in marginal cost and average total cost. d. A doubling of all inputs will lead to more than a doubling of output.
Deadweight losses arise because a tax causes some individuals to change their behavior
a. True b. False Indicate whether the statement is true or false