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
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
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 4SQP
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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
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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