A recession in the United States will tend to cause recessions in other countries because as U.S. GDP falls, U.S
a. tariffs will automatically rise.
b. exports will rise.
c. imports will fall.
d. exports will fall.
c
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A leftward shift of a supply curve represents a decrease in supply
a. True b. False
Gross domestic product is
a. the market value of all goods and services exchanged within a country during a time period. b. the market value of all domestic assets, regardless of whether they are owned by citizens or foreigners. c. the compensation received during a period for labor services plus interest, rents, and corporate profits. d. the market value of final goods and services produced within a country during a time period.
Since individual buyers and individual sellers in a competitive market have no influence on the market price, what do we call the buyers and sellers in a competitive market?
Which of the following will not shift the demand curve for grapefruit to the right?
A. An announcement that eating a grapefruit before every meal will induce weight loss. B. A technical development that allows machines to replace the workers who harvest grapefruit. C. The price of oranges, a substitute good, increases. D. Consumer incomes increase and grapefruit is a normal good.