________ will lead to an increase in the gross domestic product of a country, all other variables remaining constant
A) An increase in exports
B) An increase in imports
C) A fall in the expenditure incurred by the government
D) A fall in the expenditure on investment goods
A
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At long-run macroeconomic equilibrium, ________
A) an inflationary gap exists B) real GDP equals potential GDP C) a recessionary gap exists D) real GDP is less than potential GDP but is as close as it is possible to be
Suppose you have a limited money income and you are purchasing products A and B, whose prices happen to be the same. To maximize your utility, you should purchase A and B in such amounts that:
A. their marginal utilities are the same. B. their total utilities are the same. C. their marginal and total utilities are proportionate. D. the income and substitution effects associated with each are equal.