If the value of exports equals 6.5 billion and the value of imports equals 8.0 billion in a year, then:
a. together imports and exports add 1.5 billion to the gross domestic product (GDP).
b. together exports and imports add 6.5 billion to the gross domestic product (GDP).
c. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion.
d. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion.
e. together exports and imports add nothing to the gross domestic product (GDP).
Question 2
If more and better technology is used for producing wheat in the United States than in a lesser-developed country, then the:
a. MRP of the U.S. workers will be higher than the MRP of the workers in the lesser-developed country.
b. MRP of the U.S. workers will be lower than the MRP of the workers in the lesser-developed country.
c. demand for the U.S. workers will be lower than the demand for the workers in the lesser developed country.
d. price of wheat will be higher in the United States than in the lesser-developed country.
e. wages of the U.S. workers will be lower than the wages of the workers in the lesser-developed country.
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