The US government pays $10 million to Iran for crude oil to add to US government-owned oil reserves. No production of crude oil occurred within the U.S and no sales abroad took place during that period of time. What happens to U.S GDP?   No net effect on U.S GDP   US GDP increases by $10 million   U.S GDP decreases by $10 million   U.S debt increases by 10 million

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter11: Gross Domestic Product
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The US government pays $10 million to Iran for crude oil to add to US government-owned oil reserves. No production of crude oil occurred within the U.S and no sales abroad took place during that period of time. What happens to U.S GDP?

 

No net effect on U.S GDP

 

US GDP increases by $10 million

 

U.S GDP decreases by $10 million

 

U.S debt increases by 10 million

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