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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Suppose, after five years of sluggish growth, the European Union’s economy picks up speed. What would be the likely impact on the U.S. trade balance, GDP, and employment?

To determine

Impact on trade balance, GDP and employment as economy paces up its economic growth is to be determined.

Explanation

As European economy was in sluggish growth, which implies low economic growth in economy. As it has started pacing up economic growth, which implies more growth in output level. As exports will be better, this will reduce trade deficit, thereby increasing improving trade balance...

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