Today, in the United States, Imports Are Over

question 15

Multiple Choice

Today, in the United States, imports are over

• A)17 percent of GDP.
• B)1 percent of GDP.
• C)8 percent of GDP.
• D)4 percent of GDP.

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Definitions:

Excess Capacity

A situation where a firm is producing less than the maximum possible output due to insufficient demand or other factors.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, leading to competition on factors other than price.

Industry Entry

The process of a new company or business beginning operations in a particular market or industry.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the true profitability of an enterprise.