Scenario 4-1 In a Given Year, Country a Exported $12 Million Worth

question 24

Multiple Choice

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-Which of the following is true of U.S. net exports prior to the 1960s?

• A)Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S.
• B)Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S.
• C)The U.S. was running a trade surplus prior to the 1960s.
• D)Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit.
• E)Since the U.S. dollar was overvalued prior to the 1960s, the U.S. neither exported nor imported any goods and services.

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Definitions:

Sample

A selection from a broader population designed for the process of collecting data, through either observation or questioning, to generate statistical insights about that population.

Mean

The arithmetic average of a set of numbers computed by adding them together and dividing by the count of those numbers.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Skewed

A description of data that are not symmetrically distributed around the mean, often indicating a longer tail on one side of the distribution.