Changes in the Products Americans Buy and Sell,additional Jobs,and an Improved

question 179

Multiple Choice

Changes in the products Americans buy and sell,additional jobs,and an improved standard of living are all effects of

• A)an increase in imports and an increase of exports.
• B)an increase in imports and a decrease in exports.
• C)a decrease in imports and a decrease in exports.
• D)a state of equilibrium between imports and exports.
• E)the reversal of importance between the services sector and the manufacturing sector.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material, labor, and manufacturing overhead expenses.

Historical Rate

A reference to the exchange rate used in the past for converting one currency to another at a specific time.

Restated

Refers to financial statements that have been revised from their original figures to correct errors or account for retrospective changes in accounting policy.

U.S. Dollars

The currency of the United States, used as the standard unit of money for transactions within the country and internationally.