US_____ Make Up About a Quarter of the U

question 62

Multiple Choice

U.S._____ make up about a quarter of the U.S.gross domestic product (GDP) .

• A)petroleum exports
• B)computer technology
• C)exports and imports of goods and services
• D)production of consumer electronic products

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Definitions:

Normal Good

A type of good for which demand increases when income increases and falls when income decreases, with other factors being constant.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.

Luxury

A good or service that is considered non-essential but desirable, often characterized by high quality, exclusivity, and a high price.

Necessity

A good or service that is essential for survival or basic living, such as food, water, or shelter.