Refer to the information provided in Figure 33.5 below to answer the question(s) that follow. Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel. This country imports 14 million barrels if the world price of oil is

When the total U.S. production of goods and services is divided into consumption goods and services, capital goods, government goods and services, and export goods and services, the largest component is

A) consumption goods and services. B) capital goods. C) government goods and services. D) export goods and services. E) capital goods and government goods and services tie for the largest component.

The development of a new good or a new process for making a good is called

A) an innovation. B) a service. C) a factor of production. D) an invention.