The Three Nations That Exported the Largest Amount of Goods

question 12

Multiple Choice

The three nations that exported the largest amount of goods to the United States in 2013 were

• A) China, Canada, and Japan.
• B) China, Mexico, and the UK.
• C) China, Japan, and Saudi Arabia.
• D) Canada, Mexico, and Japan.
• E) China, Canada, and Mexico.

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Definitions:

Factor 1

Represents the primary variable or input used in the production of goods or services, typically labor or capital.

Long-Run Cost Function

A representation of how the total production cost of a firm changes with output in the long run, when all inputs can be varied.

Positive Output

The production of goods or services in an amount greater than zero, indicating activity or productivity in economic terms.

Total Cost

The aggregate of expenses related to the creation of goods or services, which includes fixed costs and variable costs.