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What is the difference between a closed and open economy. Define in a well manner.
Step by step
Solved in 2 steps
- How will you differentiate an open economy from a closed economy? Explain with the help of an example.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?What do you understand by the term “closed economy”? For a closed economy show, National savings = National Investment
- How does an open economy versus a closed economy impact government policy decisions?What are the assumptions in the small open economy.vs closed or largeopen? What would be an example country today?What does it mean by "aggregate demand and aggregate supply" when pertaining to macroeconomic policy in an open economy?