Homework Answers
Option B.
- If an economy is open it means that the economy is trading with other countries and makes up a portion of it's economy.
- An open economy is said to be open as it interacts with the rest of the world unlike a closed economy.
- It allows the capital movements (buying and selling) in and out of the markets within an economy.
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Question 10 (1 point) If an economy is open, this means that: a) anyone can immigrate...
Question 45 1 pts Assume that the Canadian economy is an open economy. Given this information,...
Question 45 1 pts Assume that the Canadian economy is an open economy. Given this information, we would expect that O imports (Q) exceed exports (X) O Canadian households, government, and business sectors trade goods and services with individuals/firms from other countries OX=Q=0 exports (X) exceed imports (Q) Canadian households, government, and business sectors do not trade goods and services with individuals/firms from other countries
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is...
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion, Taxes are $0.5 trillion. Exports are $1 trillion and imports are $3 trillion. What is private saving? $4 trillion $3.5 trillion $2.5 trillion $1.5 trillion Question 1 (1 point) Interest rate (%) Supply of loanable funds Demand for loanable funds 0 10 20 30 40 50 60 70 80 90 100 Quantity of loanable funds (billions...
Please answer the following questions: QUESTION 1 An increase in a country's saving rate will tend...
Please answer the following questions:
QUESTION 1 An increase in a country's saving rate will tend to cause which of the following in the long run? O an increase in the unemployment rate O a reduction in per capita real GDP O an increase in the rate of inflation O an increase in economic growth QUESTION 2 Regarding open economies, economists tend to find evidence that o open economies tend to have access to smaller markets than do closed economies....
When a country specializes in the production of a good, this means that it can produce...
When a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.
The following graphs show the production possibilities frontiers
(PPFs) for Candonia and Lamponia. Both countries produce lemons and
tea, each initially (i.e., before specialization and trade)
producing 6 million pounds of lemons and 3 million pounds of...
Question 52 (1 point) Crowding out makes fiscal policy more complicated to formulate because it can...
Question 52 (1 point) Crowding out makes fiscal policy more complicated to formulate because it can the theoretical magnitude of the A) reduce; interest rate B) increase; multiplier effect C) increase; interest rate D) reduce; multiplier effect Question 54 (1 point) An increase in aggregate demand in the short-run means OA) the real GDP would increase and rises in the price level would become smaller B) the real GDP would decrease and the price level would rise OC) both the...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desonia. Both countries produce potatoes and tea, each initially (i.el, before specialization and trade) producing 24 million pounds of...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner.
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing 6 million pounds of...
When a country has a comparative advantage in the production ofa good, it means that...
When a country has a comparative advantage in the production of
a good, it means that it can produce this good at a lower
opportunity cost than its trading partner. Then the country will
specialize in the production of this good and trade it for other
goods.The following graphs show the production possibilities frontiers
(PPFs) for Candonia and Sylvania. Both countries produce lemons and
coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of lemons and 9...
When a country has a comparative advantage in the production of a good, it means that...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce potatoes and tea, each initially (i.e., before specialization and trade) producing 12 million pounds of potatoes and 6...
International Trade Case
Countries measure the health of their economies in many ways such as unemployment rates, consumer confidence, and Gross Domestic Product (GDP). Gross Domestic Product is a measurement of the amount of goods produced by a country in one year. If that number increases, our economy is growing, whereas a decrease would indicate a shrinking economy. To calculate expenditure GDP we add up all of the groups who buy goods in the economy (GDP = C + I + G +...
Question 45 1 pts Assume that the Canadian economy is an open economy. Given this information, we would expect that O imports (Q) exceed exports (X) O Canadian households, government, and business sectors trade goods and services with individuals/firms from other countries OX=Q=0 exports (X) exceed imports (Q) Canadian households, government, and business sectors do not trade goods and services with individuals/firms from other countries
Question 2 (1 point) In an open economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion, Taxes are $0.5 trillion. Exports are $1 trillion and imports are $3 trillion. What is private saving? $4 trillion $3.5 trillion $2.5 trillion $1.5 trillion Question 1 (1 point) Interest rate (%) Supply of loanable funds Demand for loanable funds 0 10 20 30 40 50 60 70 80 90 100 Quantity of loanable funds (billions...
Please answer the following questions:
QUESTION 1 An increase in a country's saving rate will tend to cause which of the following in the long run? O an increase in the unemployment rate O a reduction in per capita real GDP O an increase in the rate of inflation O an increase in economic growth QUESTION 2 Regarding open economies, economists tend to find evidence that o open economies tend to have access to smaller markets than do closed economies....
When a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.
The following graphs show the production possibilities frontiers
(PPFs) for Candonia and Lamponia. Both countries produce lemons and
tea, each initially (i.e., before specialization and trade)
producing 6 million pounds of lemons and 3 million pounds of...
Question 52 (1 point) Crowding out makes fiscal policy more complicated to formulate because it can the theoretical magnitude of the A) reduce; interest rate B) increase; multiplier effect C) increase; interest rate D) reduce; multiplier effect Question 54 (1 point) An increase in aggregate demand in the short-run means OA) the real GDP would increase and rises in the price level would become smaller B) the real GDP would decrease and the price level would rise OC) both the...
When a country has a comparative advantage in the production of
a good, it means that it can produce this good at a lower
opportunity cost than its trading partner. Then the country will
specialize in the production of this good and trade it for other
goods.The following graphs show the production possibilities frontiers
(PPFs) for Candonia and Sylvania. Both countries produce lemons and
coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of lemons and 9...
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