In 2015, Imports Represented

question 107

Multiple Choice

In 2015, imports represented:

• A) about 15 percent of U.S. GDP.
• B) about 1 percent of U.S. GDP.
• C) about 40 percent of U.S. GDP.
• D) nearly 70 percent of U.S. GDP.

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Definitions:

MB = MC

The optimal condition in economics where the marginal benefit (MB) of an action is equal to its marginal cost (MC), leading to efficient allocation of resources.

MB < MC

A condition where the marginal benefit of producing an additional unit is less than the marginal cost of producing that unit.

Decision Maker

An individual or group responsible for making choices or judgments, particularly in a professional or organizational context.

Total Profit Maximization

The process or strategy of adjusting production and sales to achieve the highest possible profit.