Answer the next question based on the following data. All figures are in billions of dollars.Disposable income$200Net private domestic investment40U.S. imports15National income300Personal taxes31Net exports9Gross private domestic investment55Net foreign factor income10Statistical discrepancy0This nation's exports are ________.
A. $28 billion
B. $16 billion
C. $9 billion
D. $24 billion
Answer: D
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During 2008, Swaziland had a real GDP growth rate of 1.8 percent and a real GDP growth rate per person of -1.3 percent. These rates indicate that in Swaziland
A) the population grew at a faster rate than real GDP. B) real GDP grew more rapidly than did the population. C) there was an error when calculating the growth rates because the growth rate of real GDP per person cannot be negative. D) poverty levels are declining. E) the population growth rate was negative.
When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
Mary Green takes a summer course in London, England. She doesn't buy British pounds at the U.S. airport, where the rate is 1 pound = $1.60 . Upon arrival in London, she finds that she can buy pounds for $1.65 each. Which of the following is true?
a. Green would have been better off if she had bought pounds in the United States where U.S. dollars were cheaper. b. Green would have been better off if she had bought pounds in the United States where pounds were less expensive. c. The pounds were more expensive in London because a currency is always most valued in its home country. d. The pounds were more expensive in the United States because they are less available there. e. It doesn't matter where she buys the pounds, since she can't use U.S. money anyway once she's in England.
If a firm experiences economies of scope,
a. its average cost falls as it increases output b. its average cost rises as it increases output c. average production costs fall when it produces more than one kind of product d. it should integrate vertically e. average production costs rise as it produces more kinds of products