In 2010,the United States Imported More Than It Exported

question 37

Multiple Choice

In 2010,the United States imported more than it exported.As a result,

• A)the sum of consumption plus investment plus government purchases overstated what was produced in America.
• B)the sum of consumption plus investment plus government purchases understated what was produced in America.
• C)the sum of consumption plus investment plus government purchases equaled what was produced in America.
• D)the sum of consumption minus investment minus government purchases overstated what was produced in America.

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Definitions:

Financial Position

A summary of the resources, obligations, and worth of an entity at a specific point in time, usually reflected in a balance sheet.

Year-End Financial Statements

Reports prepared at the end of an accounting period, summarizing the financial status and operating results of a business.

Management

involves the activities of setting the strategy of an organization and coordinating the efforts of its employees or volunteers to achieve its objectives.

Withdrawals

The act of taking out funds from a bank account or the removal of assets from a business by the owner for personal use.