In calculating GDP, we must
A) add the market value of imports and subtract the market value of exports.
B) add the market value of exports and subtract the market value of imports.
C) exclude net exports of goods and services (NX).
D) add the value of the goods produced outside of the United States by American firms.
E) subtract the market value of imports, because these goods are produced in a country other than the United States, and subtract the market value of exports, because these goods are consumed in a country other than the United States.
Question 2
Marginal costs are the costs relevant to a decision because they
A) are the costs that will be affected by the decision.
B) the cost of producing one more unit of output.
C) total cost divided by units of output.
D) total cost minus sunk costs.
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