Suppose Exports Total $6

question 76

Multiple Choice

Suppose exports total $6.5 billion and imports total $8 billion in a year.What do imports and exports together add to GDP?  

• A) $6.5 billion 
• B) $1.5 billion 
• C) -$1.5 billion 
• D) -$8 billion

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Definitions:

Variable Costs

Costs that change in proportion to the goods or services that a business produces, such as materials and labor.

Total Cost

The costs, both explicit and implicit, of all the resources used by the firm. Total cost includes a normal rate of return for the firm’s equity capital.

Profitable

A financial status indicating that revenues exceed the costs and expenses associated with operating a business.