Which of the Following Statements Is True About the GDP

question 150

Multiple Choice

Which of the following statements is true about the GDP of the United States in 2010?

• A)Imports exceeded exports by 600 million dollars.
• B)Exports exceeded imports by 600 million dollars.
• C)Exports plus imports equaled 600 billion dollars.
• D)None of these are true.

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Definitions:

Unit Of Product

A single item or instance of a product manufactured or sold by a company.

Input

Resources used in the process of production, including raw materials, labor, and overhead costs.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials.

Actual Quantity

The real amount or number of units of materials, labor, or overhead used in the production process.