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9 Nov 2021
Problem 11
Page 889
Section: REVIEW QUESTIONS
Chapter D: The Expenditure-Output Model
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9 Nov 2021
Introduction
The import function sets the relationship between the level of imports by a country and the country's real GDP/the level of output during a given period of time. It shows the proportion of a nation's real GDP that goes into import expenditure by the country. The marginal propensity to import is the ratio of changes in the import expenditure to the changes in the national income.
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