All of the Following Statements About the United States Are

question 271

Multiple Choice

All of the following statements about the United States are true EXCEPT:

• A) The largest imports are services like royalties, license fees, and financial services, and the largest exports are goods like crude oil, automobiles, and clothing.
• B) The United States is the world's largest international trader.
• C) The United States imports more than it exports.
• D) Services account for a larger portion of U.S. exports than U.S. imports.
• E) Imports are a larger percentage of total expenditure than exports are a percentage of total production.

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Definitions:

Total Cost

The complete cost of production, including both fixed and variable costs.

Unit Price

The cost per unit of a product or service.

Constant Cost

An economic scenario where the cost of producing an additional unit of a good or service remains unchanged, regardless of the scale of production.

Equilibrium Quantity

The quantity of goods supplied is equal to the quantity demanded at a given price level.