If U.S. imports of goods and services exceed exports
A. GDP in the United States will be less than the sum of consumption, investment, and government purchases.
B. GDP in the United States will exceed the sum of consumption, investment and government purchases.
C. net exports for the United States are positive.
D. None of the choices are true.
A. GDP in the United States will be less than the sum of consumption, investment, and government purchases.
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The slope of the short-run Phillips curve is consistent with:
a. the long-run trade-off between the unemployment rate and inflation. b. the long-run trade-off between inflation and GDP. c. the short-run trade-off between the money supply and interest rates. d. the short-run trade-off between business productivity and wage contracts. e. the short-run trade-off between the unemployment rate and inflation.
If the short-run Phillips curve shifts to the right, we can conclude that:
a. the trade-off between inflation and unemployment has improved over time. b. the trade-off between inflation and unemployment has worsened over time. c. the inflation rate associated with any given level of unemployment has declined. d. the unemployment rate associated with any given inflation rate has declined. e. the trade-off between inflation and unemployment has remained unchanged.