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Discuss the export and import functions

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Question: The US economy was in recession in 1974, 1980, 1982, 1991, and 2001. Based on our earlier discussion of export and import functions, net exports would be expected to increase in recession years because of the decline in imports. Yet the ratio fell slightly in 1974 and 2001, and was virtually unchanged in 1982; only 1980 and 1991 fit that pattern. Why do you think net exports continued to decline in those other recession years?

Reference no: EM131737514

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