If the Real U

question 53

Multiple Choice

If the real U.S.GDP was $10 trillion in 2000 and the U.S.population was 280 million,the per capita real GDP would have been closest to

• A)$2,800 per person.
• B)$28,000 per person.
• C)$35,714 per person.

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Definitions:

Balance of Payments

A record of all transactions made between entities in one country and the rest of the world over a defined period, including trade, investment, and financial transfers.

Merchandise Trade Balance

The value during a given period of a country’s exported goods minus the value of its imported goods.

Deficits

Occurs when a government's expenditures exceed its revenues during a specific period, leading to borrowing or debt accumulation.

Foreign Exchange

Foreign money needed to carry out international transactions.