-The Table Above Gives Some of the Entries in the National

question 266

Multiple Choice

-The table above gives some of the entries in the national income and product accounts. What is the value of exports?

• A) $25 billion
• B) $350 billion
• C) $300 billion
• D) - $25 billion

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Definitions:

Marginal Cost

Marginal cost is the cost of producing one additional unit of a product or service, a crucial concept in economics for determining optimal production levels and pricing strategies.

Marginal Revenue

The surplus earnings acquired through the sale of an extra product or service unit.

Increasing Output

The process of raising the quantity of goods or services produced by a company or economy, often aiming for higher efficiency and profitability.

Marginal Analysis

The examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.