U.S. Imports Are

question 205

Multiple Choice

U.S. imports are

• A) not added to U.S. GDP because they are produced abroad
• B) added to U.S. GDP because they are consumed domestically
• C) added to U.S. GDP because they represent an increase in inventories
• D) added to U.S. GDP as government purchases because the government decides what goods may be imported
• E) not added to U.S. GDP because they are intermediate goods

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Definitions:

Balance

The total amount of funds in an account or the difference between the total debits and credits in an account.

Account

A record summarizing all the transactions pertaining to a single thing in the accounting world, such as a specific person, a business entity, or a specific asset.

Collection Float

The time period between when a check is deposited into a bank account and when the amount is made available.

Cheques

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a specified person.