Which of the Following Statements Is True About the GDP

question 166

Multiple Choice

Which of the following statements is true about the GDP of the United States in 2015?

• A)Imports exceeded exports by 600 million dollars.
• B)Exports exceeded imports by 600 million dollars.
• C)Exports plus imports equaled 600 billion dollars.
• D)None of these is true.

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Definitions:

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand forces.

Marginal Cost

The increase in total cost that arises from producing an additional unit of output, reflecting the cost of producing one more unit.

Marginal Revenue

The added revenue that comes from the sale of an extra unit of a good or service.

Exiting an Industry

The process whereby businesses cease operations in a specific sector due to various reasons, such as unprofitability, strategic realignment, or market saturation.