Answered: If the total of a nation's imports are…

If the total of a nation's imports are subtracted from the total of a nations exports, the result is: a Price Level One component of National Income GDP The rate of inflation none of these

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

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 12CQ

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Question

If the total of a nation's imports are subtracted from the total of a nations exports, the result is:

a Price Level

One component of National Income

GDP

The rate of inflation

none of these

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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