A country is a net oil exporter and the demand for oil overseas is price inelastic. A substantial increase in the world price of oil would tend to

A country is a net oil exporter and the demand for oil overseas is price inelastic. A substantial increase in the world price of oil would tend to
A . Improve the country’s balance of payments on current account
B . Improve the price competitiveness of manufacturing firms in the country
C . Cause the country’s terms of trade to deteriorate
D . Increase GDP but not GNP in the country

Answer: A

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