If the value of exports equals $6.5 billion and the value of imports equals $8.0 billion in a year, then:
a. together imports and exports add $1.5 billion to the gross domestic product (GDP).
b. together exports and imports add $6.5 billion to the gross domestic product (GDP).
c. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion.
d. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion.
e. together exports and imports add nothing to the gross domestic product (GDP).
c
You might also like to view...
Refer to the scenario above. The price of a basket of goods worth $1 in the U.S. is ________ in Country 1
A) 50 karls B) 5 karls C) 20 karls D) 25 karls
In the 1980s, banks __________ the amount of highly speculative loans they were holding due to __________ deposit rates
A) increased; rising B) increased; falling C) decreasing; rising D) decreased; falling
The age-earning cycle predicts that a typical person will
A) be earning $50,000 in the year 2010. B) be earning the lowest income right before retirement. C) be earning the highest income right before retirement. D) be earning the highest income at about the age 45-50.
Profit is the return to entrepreneurship.
Answer the following statement true (T) or false (F)