The Table Below Shows Total Output for an Economy Over

question 91

Multiple Choice

The table below shows total output for an economy over 2 years.
TABLE 20-5
-Refer to Table 20-5.The nominal Gross Domestic Product in 2016 was

• A)$700.
• B)$840.
• C)$980.
• D)$1740.
• E)$1820.

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Definitions:

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified time.

Tariff

A tax imposed on imported goods and services to raise their price, thereby protecting domestic industries from foreign competition.

Liberalize International Trade

The process of reducing tariffs, quotas, and other barriers to allow for the free flow of goods and services across national borders.

Foreign Trade Competition

The competition that domestic companies face from abroad, influencing local markets, pricing, and product offerings.