In 2015, imports represented:
A. about 15 percent of U.S. GDP.
B. about 1 percent of U.S. GDP.
C. about 40 percent of U.S. GDP.
D. nearly 70 percent of U.S. GDP.
A. about 15 percent of U.S. GDP.
You might also like to view...
For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table
pens pencils Year 1 quantity 15 10 Year 1 price $12 $12 Year 2 quantity 17 12 Year 2 price $14 $15 What is the real GDP in year 2 using base year 1? A) $418 B) $300. C) $360. D) $338.
When oligopoly firms collude to raise prices,
A. Each firm benefits, but society loses. B. Only the price leader benefits while other firms and society lose. C. Both the colluding firms and society benefit. D. Everyone is eventually a loser.
If you include in your offerings some inferior goods, the demand for these products will increase:
A. when incomes are high. B. during bad economic times. C. during economic booms. D. All of the statements associated with this question are correct.
When the quantity effect outweighs the price effect:
A. a price increase will cause a decrease in total revenue. B. a price increase will cause an increase in total revenue. C. a price decrease will cause a decrease in total revenue. D. None of these is true.