Between 2015 and 2016,if an Economy's Exports Rise by $8

question 186

Multiple Choice

Between 2015 and 2016,if an economy's exports rise by $8 billion and its imports fall by $8 billion,by how much will GDP change between the two years,all else equal?

• A)Net exports will increase GDP by $8 billion.
• B)The increase in exports is offset by the decrease in imports,so there is no change in net exports and no effect on GDP.
• C)Net exports will increase GDP by $16 billion.
• D)Net exports will decrease GDP by $8 billion.

Grasp the concepts of variability and how it differs from measures of central tendency.

Comprehend the characteristics of skewed distributions.

Learn the significance of correlation coefficients in predicting relationships between variables.

Understand the concept and utility of descriptive statistics in summarizing data.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or sales volume, such as raw materials and direct labor.

Average Operating Assets

The average value of the assets used in the normal course of business to generate operating income, often calculated over a period to assess performance.

Controllable Fixed Costs

Costs that management has the power to influence or change in the short term.

Budgetary Control

The process of monitoring financial budgets by comparing actual performance with the budgeted amounts to manage financial resources effectively.