For the United states, exports plus imports are about _____ of its gross national product?
Correct answer: C. 25 percent
- A. 5 percent
- B. 10 percent
- C. 25 percent
- D. 55 percent
Explanation
In the standard textbook period used for this comparison, U.S. exports plus imports were approximately one-quarter of gross national product. The ratio is a measure of an economy's openness to international trade.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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