Last year U.S. net exports of goods and services was negative. This fact means that last year
A) there was an error made when calculating net exports of goods and services for the United States.
B) the value of U.S. exports was greater than the value of U.S. imports.
C) the value of U.S. exports was less than the value of U.S. imports.
D) U.S. consumption expenditure plus investment was less than the value of exports plus the value of imports.
E) U.S. consumption expenditure plus investment plus government expenditures on goods and services was less than the value of exports plus the value of imports.
C
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A) elastic; a normal B) inelastic; a normal C) elastic; an inferior D) inelastic; an inferior
An example of in-kind income is: a. a welfare payment
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