U.S. Exports Are

question 203

Multiple Choice

U.S. exports are

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

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Definitions:

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand due to satisfaction, preference, or perceived superiority.

Elastic

A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.