Answered: What are the effects on U.S. imports…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter18: Gaining From International Trade

Section: Chapter Questions

Problem 1CQ

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Jiz What are the effects on U.S. imports and exports when the U.S. experiences economic growth stronger than its major trading partners?

Multiple Choice

There will be no effect on US imports and exports.

U.S. exports will increase more than U.S. imports.

US imports will decrease, but U.S. exports will increase.

Saved US imports will increase more than U.S. exports.

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Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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