-In the Economy in the Above Diagram,international Trade

question 226

Multiple Choice

-In the economy in the above diagram,international trade:

• A) does not occur.
• B) has a contractionary effect on GDP.
• C) has an expansionary effect on GDP.
• D) has no impact on GDP.

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Definitions:

Industrial

Pertaining to industry or manufacturing, characterized by the mass production of goods and the extensive use of machinery and factories.

Division Of Labor

The allocation of different tasks or jobs to different people or groups, typically to improve efficiency and productivity.

Postindustrial Societies

Societies characterized by an economy dominated by services and information processing rather than the production of goods.

Capitalist Market Theory

An economic theory emphasizing private ownership of production means, creating goods and services for profit in competitive markets.