The average tariff rate of the United States is about ________ of the value of their imports.

The payments to the factors of production are:

A) wages. B) rent. C) rent and interest. D) wages, rent, interest, and profits.

The term "value added" is used to describe:

a. the increase in the value of a product that occurs at each stage of production. b. the amount subtracted from the value of goods because of inflation. c. the total value of all intermediate goods used in the production of the final good. d. the amount paid in the final sale of a product or service. e. the amount subtracted from the value of resources because of depreciation.