The Table Below Shows the Values of Various Economic Variables

question 48

Multiple Choice

The table below shows the values of various economic variables of a country during a particular year.

-Refer to the table above.The GDP of the country is ________.

• A) $452,000
• B) $402,000
• C) $554,000
• D) $352,000

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Definitions:

Import Quotas

Restrictions imposed by a government on the amount or value of goods that can be imported into a country, often used to protect domestic industries.

Tariffs

Taxes imposed by a government on imported goods and services.

Revenue

The sum of revenue resulting from the sales of products or services that are central to a company's main business activities.

Comparative Advantage

Comparative advantage refers to the ability of a country to produce a certain good more efficiently and at a lower opportunity cost than another country.