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- If the government reduces government purchases, then what happens to the real interest rate in a closed economy, small open economy, and a large open economy?describe in detail regarding Should the USA support a global economy or a closed economy?What do you understand by the term “closed economy”? For a closed economy show, National savings = National Investment
- What does it mean by "monetary and fiscal policies in a closed economy" when pertaining to macroeconomic policy in an open economy?Discuss three (3) benefits that a country could experience as a result of having a closed economyIn a large open economy, if households’ current income increases, then the real interest rate __________ and the equilibrium current account for this economy __________.