If Mexico has a exports of 40 billion pesos and imports of 50 billion pesos, it is running a trade surplus.
Answer the following statement true (T) or false (F)
False
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Gross Domestic Product (GDP) is the total market value of all
A) final goods and services produced annually within a country's borders. B) final and intermediate goods and services produced annually within a country's borders. C) intermediate goods and services produced annually within a country's borders. D) final goods produced every month within a country's borders.
Which of the following statement is FALSE?
a) Imports and exports account for over one-half of the GDP of the Netherlands. b) Japan is less dependent on foreign trade than is the United States. c) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice, and corn crops. d) China is the leading exporting country, accounting for 12.1 percent of total world exports.
Which one of the following would NOT result in an increase in the quantity demanded for CIT parking?
a) An increase in real incomes. b) Extra parking spaces being made available. c) An increase in the price of CIT parking. d) None of the above.
An economic model is defined as:
A. a value judgment. B. a presentation of all possible relevant real-world variables. C. a simplified representation of the way in which facts are related. D. data adjusted for irrational actions.