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- What is an open economy, and what are its importance and advantages when implemented? 600 wordsQuestion 37 In the flow diagram representing an open economy, which of the following is TRUE? GNE plus imports are equal to GDP. GNE plus the trade balance (TB) are equal to GDP (total domestic production). GDP rises as GNI rises. GNE are always less than GDP.Explain only one difference between the closed and open economy?
- How do the trade policies of developed countries affect the ability of less developed countries to benefit from greater participation in the world economy?A nations ppf shifts inward as its population grows. What happens, on, average to the material standard of living of the people?How does an open economy versus a closed economy impact government policy decisions?
