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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

According to the circular flow diagram in Exhibit 4, consumption spending flows into U.S. product markets but import spending does not. But U.S. households buy imported goods in U.S. markets, don’t they? Explain.

To determine

Explain Country U’s market using the circular flow diagram.

Explanation

Figure-1 shows the circular flow diagram as follows:

In general, the gross domestic product (GDP) is concerned with the production of goods and services or the total income...

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