Currently, the United States is both a net borrower and a debtor nation

Which of the following is not true of the terms of trade?

a. They are determined by supply and demand factors. b. They lie somewhere between the opportunity costs of the trading partners. c. GATT begins negotiations on the terms of trade. d. They depend on negotiations between trade partners. e. They often favor one partner more than the other.

The expenditure approach to GDP accounting includes:

a. wages and salaries. b. net exports. c. net interest. d. corporate profit. e. proprietors' income.