One economic truism is that any nation's restriction of imports will ultimately lead to
A) an increase in exports.
B) a reduction in exports.
C) an economic upswing.
D) an increase in GDP.
Answer: B
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In the expenditure approach to GDP, the largest component is
A) government expenditure on goods and services. B) personal consumption expenditures. C) gross private domestic investment. D) net exports.
Firms in an oligopoly are said to be interdependent. What does this mean?
What will be an ideal response?
Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) output of a specific firm. B) employment in the economy. C) employment in a specific industry. D) output of a specific industry.
Political freedom can sometimes moderately reduce economic growth because
A. campaign contributions lead to reductions in investment. B. special interest groups may gain at the expense of the overall economy. C. most jobs are in unions that are politically connected. D. all of these.