An Increase in the U.S. Price Level Will

question 59

Multiple Choice

An increase in the U.S. price level will:

• A)​decrease U.S.exports.
• B)​decrease U.S.imports.
• C)​increase RGDP demanded in the United States.
• D)​both (a) and (c)

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Definitions:

Output

The cumulative quantity of products or services generated by a business, sector, or economic system over a given timeframe.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain it.

Demand Schedule

A table or graph showing the quantity of a product that consumers are willing and able to purchase at various prices during a specified period.

Marginal Cost

The supplementary cost resulting from manufacturing an extra unit of a good or service.